WorksheetsAC C4 - Ledger Accounting and Double Entry
Total questions: 15
Worksheet time: 8mins
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
Bought a computer by cash $2500. What is the double entry to record this transaction?
Debit Computer and Credit Cash
Debit Cash and Credit Computer
Debit Cash and Credit Purchases
Debit Purchases and Credit Cash
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
Jack withdrew goods worth $500 from the business for his personal use. What is the double entry to record this transaction?
Debit Goods and Credit Jack
Debit Jack and Credit Drawings
Debit Drawings and Credt Purchases
Debit Purchases and Credit Drawings
Mark returned goods worth $40 to the business. What is the double entry to record this transaction?
Debit Mark and Credit Sales Returns
Debit Sales Returns and Credit Mark
Debit Cash and Credit Mark
Debit Mark and Credit Cash
Debit is....
the side where all transactions are recorded
The side where assets increase
The side where liabilities and owner's equity increase
Revenue....
Increases on the Credit Side and decreases on the Debit Side
Increases on the Debit Side
Does not increase nor decrease
If the owner of the business is investing $3,000 in the company this means that...
There is a $3,000 increase on the debit side in the Cash account
There is a $3,000 decrease on the debit side in the Cash account
There is a $3,000 increase in the Capital account on the debit side
There is an increase in the computer equipment account.
How much money would I have to pay for an item with original price of $50, after 15% VAT is added?
$57.50
$55.00
$7.50
$52.50
Calculate the amount of VAT at 15% which is charged on an item with an original price of $10.00
$11.50
$1.50
$2.00
$1.75
What is the price at which the manufacturer sells the goods to the customer (retailer)?
Net Price
List Price
A dress originally costs $200. If it is on sale with 20% off, how much is the discount price?
$40
$160
$220
$80
A bill of $1000 including a prepaid handling charge of $150.
How much is the List Price (LP)
$950
$850
$1150
$1050
An invoice of $1500 is offered cash discount terms of 5/10, 3/20, n/60
What is 5/10 stand for?
5 divided with 10
5% will be offered if the buyer or customer manage to pay the bills within 10 days
5% will be offered if the buyer or customer manage to pay the bills within 20 days
No discount offered
