Double Entry

Question 1

Prepayment expense and income

Answer 1

Expense- dr prepayment
cr expense on income statement

Income- dr source of income
Cr income in advance

Question 2

Accruals

Answer 2

Expense- dr expense on IS
cr accrual

Income- dr income due
Cr source on income on IS

Question 3

Depreciation

Answer 3

Dr depreciation
Cr provision for depn

Question 4

Drawings

Answer 4

Dr drawings
Cr purchases