Debits and Credits Flashcards
1
Q
what must every debt have when making ledger entries?
A
must have equal and opposite credit entry
2
Q
what must you have to prepare a trail balance?
A
good understanding of which accounts to debit n credit
3
Q
how can you work out which accounts to debit and credit?
A
PEARLS & DEAD CLICw
4
Q
what is PEARLS?
A
Purchases
Expenses
Assets
Revenue
Liabilities
Sales
5
Q
what is DEAD CLIC?
A
Debits
Expenses
Assets
Drawings
Credits
Liabiliteis
Income
Capital
6
Q
A
