Debit or Credit Flashcards by Matthew Thornhill | Brainscape

Q

Sales

Debit or Credit?

A

Sales = Income = Credit

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Q

Bank (money in)

Debit or Credit?

A

Bank (money in) = Asset = Debit

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Q

Bank (overdrawn)

Debit or Credit?

A

Bank (overdrawn) = Liability = Credit

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Q

Inventory

Debit or Credit?

A

Inventory = Asset = Debit

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Q

HMRC (owe the business money)

Debit or Credit?

A

HMRC (owe the business money) = Asset = Debit

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Q

HMRC (business owes HMRC money)

Debit or Credit?

A

HMRC (business owes HMRC money) = Liability = Credit

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Q

Sales returns

Debit or Credit?

A

Sales returns = Loss of income = Debit

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Q

PLCA

Debit or Credit?

A

PLCA = Liability = Credit

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Q

Purchases

Debit or Credit?

A

Purchases = Expense = Debit

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Q

SLCA

Debit or Credit?

A

SLCA = Asset = Debit

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Q

Petty cash

Debit or Credit?

A

Petty cash = Asset = Debit

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Q

Discount received

Debit or Credit?

A

Discount received = Income = Credit

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Q

Discount allowed

Debit or Credit?

A

Discount allowed = Expense = Debit

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Q

Loan

Debit or Credit?

A

Loan = Liability = Credit

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Q

Purchase returns

Debit or Credit?

A

Purchase returns = Decrease in asset = Credit

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Q

Wages

Debit or Credit?

A

Wages = Expenses = Debit

Q

Capital

Debit or Credit?

A

Capital = Special liability = Credit

Q

Shop expenses

Debit or Credit?

A

Shop expenses = Expenses = Debit

Q

Drawings

Debit or Credit?

A

Drawings = Owners wages = Debit