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WorksheetsDouble entry - Quiz 1
Total questions: 15
Worksheet time: 12mins
What is the debit entry for the transaction:
Paid trade payable by cash
trade payable
cash
What is the credit entry of the transaction:
Received cash from a trade receivable
trade receivable
cash
Which one of the following is an income
rent
premises
commission received
commission paid
Which of the following is an asset?
Premises
Rent
Delivery vehicle expenses
trade payable
What is the accouning equation?
Assets = capital - liabilities
Assets = liabilities - capital
Assets = capital + liabilities
Total assets = $25 000
Total capital = $ 19 000
What is the value of liabilites?
$6000
$44 000
The company purchases goods on credit. Wnich of the following is the correct effect?
Assets (Increase)
Equity (Increases)
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
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
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
Bought computers worth $3000 on credit from Computers Ltd. What is the double entry to record this transaction?
Debit Cash and Credit Computers
Debit Computers and Credit Cash
Debit Computers Ltd and Credit Computers
Debit Computers and Credit Computers Ltd
