Debit and Credit and T Accounts Flashcards
1
Q
where do credit sales go
A
sales day book
2
Q
where do credit purchases go
A
purchases day book
3
Q
where do cash sales go
A
cash book
4
Q
where do cash payments go
A
cash book
5
Q
where do sales returns go
A
sales returns day book
6
Q
where do purchase returns go
A
purchase returns day book
7
Q
what side is debit
A
left
8
Q
what side is credit
A
right
9
Q
form of settlement given
debit or credit
A
credit
10
Q
form of settlement received
debit or credit
A
debit
11
Q
dead clic
A
DEBIT
expenses
assets
drawings
CREDIT
liabilities
income
cpital
12
Q
rules of double entry system
A
- for each transaction, two entries must be made
- one debit and one credit
- these must be equal
13
Q
D/C
cash sales
A
D bank
C sales
14
Q
D/C
Credit sales
A
D customer account
C sales account
once they pay:
D bank
C customer account
15
Q
D/C
cash purcahses
A
D purchases
C bank
