Double Entries Flashcards
1
Q
Credit Sale
A
Cr Sales (I). Net Cr VAT (L). VAT Dr Receivables (A). Gross
2
Q
Customer Pays
A
Dr Bank. (A) Cr Receivables (A down)
3
Q
Record PPD
A
Dr Discounts Allowed. (E)
Dr VAT. (L down)
Cr Receivables. (A down)
4
Q
Credit Purchase
A
Dr Purchases. (E) Net Dr VAT. (L down) VAT Cr Payables (L) Gross
5
Q
Paying Supplier
A
Cr Bank
Dr Payables
6
Q
Discount Received
A
Cr Discounts Received (I)
Cr VAT. (L)
Dr Payables. (L down)
7
Q
Purchase Returns
A
Cr Purchase Returns. (E down) Cr VAT. (L) Dr Payables (L down)
