Chapter 10 Double Entry for purchaes and trade Payables Flashcards
1
Q
Where are the totals from the purchase day book recorded?
A
Ledger accounts in the general ledger
2
Q
Where are the gross amounts of each individual purchase invoice recorded?
A
Individual suppliers account in the purchase ledger
3
Q
What are assets?
A
Something the business owns
4
Q
What are liabilities?
A
Something that a business owes
5
Q
What is recorded on the credit side of the general ledger for purchase and trade payables?
A
Liabilities
Income
Capital
6
Q
What is recorded on the debit side of the general ledger for purchase and trade payables?
A
Assets
Expenses
Drawings
