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WorksheetsDouble Entry Principle
Total questions: 12
Worksheet time: 7mins
An asset account is increased with a...
Credit
Debit
Equipment is sold for cash
Assets increase and decrease
Assets and Liabilties Increase
A decrease to accounts payable is a
Debit
Credit
The right hand side of a "T" account is called
Debit
Credit
The total of the debit values recorded must equal the total of the credit values recorded.
False
True
A business is started with the injection of $10,000 in cash. In which account is the credit entry made?
Cash
Capital
A business purchases equipment cash. In which account is the debit entry made?
Cash
Equipment
Every transaction must have at least one debit and one credit entry.
True
False
The business owner, Jack invested $9000 into the business bank account. What is the double entry to record this transaction?
Debit Bank and Credit Capital
Debit Capital and Credit Bank
Debit Capital and Credit Jack
Debit Jack and Credit Bank
Sold equipment by cash $700. What is the double entry to record this transaction?
Debit Cash and Credit Sales
Debit Cash and Credit Equipment
Debit Equipment and Credit Cash
Debit Sales and Credit Equipment
Sold goods on credit to Mark. What is the double entry to record this transaction?
Debit Cash and Credit Sales
Debit Mark and Credit Sales
Debit Sales and Credit Mark
Debit Cash and Credit Sales
Bought goods worth $4000 on credit from Ben. What is the double entry to record this transaction?
Debit Purchases and Credit Cash
Debit Cash and Credit Purchases
Debit Ben and Credit Purchases
Debit Purchases and Credit Ben
