Debits and credits Flashcards
1
Q
Motor vehicles
A
DR Asset
2
Q
Bank
A
DR Asset
3
Q
Sales
A
CR Income
4
Q
Purchases
A
DR Expense
5
Q
Stationery
A
DR Expense
6
Q
Loan
A
CR Liability
7
Q
Cash
A
DR Asset
8
Q
Insurance
A
DR Expense
9
Q
Advertising
A
DR Expense
10
Q
Wages
A
DR Expense
11
Q
Rent
A
DR Expense
12
Q
Rent receivables
A
CR Income
13
Q
Receivables
A
DR Asset
14
Q
Payables
A
CR Liability
15
Q
Discounts allowed
A
DR Expense
16
Q
Discounts received
A
DR Incomes
17
Q
Capital
A
CR Liability
18
Q
Drawings
A
DR reduces profit
19
Q
Telephone
A
DR Expense
20
Q
Premises
A
DR Asset
21
Q
Sales returns
A
DR reduces income
22
Q
Purchase returns
A
CR reduces expense
23
Q
Accountancy fees
A
DR Expense
24
Q
Equipment
A
DR Asset
25
VAT owed to HMRC
CR liability
26
VAT due from HMRC
DR Asset
27
Advertising
DR Expense
28
Road fund
Dr Expense
29
Rates
DR Expense
30
Utilities
DR Expense
