Accounting Equations

Question 1

What do we write as a source document in accounting equations

Answer 1

If it is says issued receipt we write duplicate receipt. If it says as per cash register roll, we write crr. If it says EFF we write b/s. If it says issued cheque we write cheque counterfoil.if it is goods bought on credit it is invoice.

Question 2

What do we write for the journal in accounting equation

Answer 2

We write chording to which journal we would put the information in

Question 3

What should we do when writing which account is debited and which is credited in accounting equations

Answer 3

We should look at bank first and then the open space is for the other account

Question 4

What do we do when have a sale in accounting equation

Answer 4

We write in a clockwise direction Starting at account debited. Bank, sales, trading stock and then cost of sales

Question 5

How do we know whether we write a plus or a minus in accounting equation

Answer 5

Depending on which side you put the account which is being recorded

Question 6

What do we do when we have a credit sale in accounting equation

Answer 6

We write in a clockwise direction starting from account debited, debtors control, sales, trading stock and cost of sales