DR + CR Flashcards by Sana Chowdry

Q

Discounts Allowed

A

DR Discounts Allowed Expense

CR Trade Receivables

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Q

Discounts Received

A

DR Trade Payables

CR Discounts Received Income

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Q

Selling goods for cash

A

DR Cash

CR Sales

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Q

Selling goods for credir

A

DR trade receivables

CR sales

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Q

Credit customer pays

A

DR cash

CR trade receivables

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Q

buying goods for cash

A

DR purchases

CR cash

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Q

buying goods for credit

A

DR purchases

CR trade payables

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Q

Payment for credit purchases

A

DR trade payables

CR cash

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Q

Receiving discount

A

DR trade payables

CR discounts recieved

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Q

allowing discount

A

DR discounts allowed

CR trade receivables

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Q

Buying Machine in cash

A

DR plant property and equipment (PP&E)

CR cash

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Q

buying machine on credit

A

DR plant property and equipment (PP&E)

CR Payables

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Q

Investing own money

A

DR cash

CRccapital

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Q

Taking money out

A

DR drawings

CR cash

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Q

Borrowing money

A

DR cash

CR loan

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Q

Payback loan

A

DR loan

CR cash

Q

Paying Interest

A

DR Interest expense

CR cash

Q

Pay expenses

A

DR expense

CR cash

Q

Paying wages

A

DR wage expense

CR cash

Q

Receiving Rent Bill

A

DR rent expense

CR payables

Q

Settlement discounts

A

DR discounts allowed expense

CR trade recievables

Q

discounts received

A

DR trade payables

CR discounts received income

Q

petty cash receipt

A

DR petty cash

CR bank

Q

expenses from petty cash

A

DR expenses

CR petty cash

Q

Discounts allowed

A

DR discounts allowed expense

CR trade receivables

Q

Discounts received

A

DR Trade payables

CR discounts received

Q

sales return

A

DR sales return

CR trade receivables

Q

purchase returns

A

DR trade payables

CR purchase returns

Q

contra

A

DR trade payables

CR trade receivables

Q

Irrecoverable debts

A

DR irrecoverable debt expense

CR trade receivables

Q

Refund to customers

A

DR trade receivables

CR cash

Q

refund from suppliers

A

DR cash

CR trade payables

Q

Dishonoured cheques

A

DR trade receivables

CR cash

Q

Purchases

A

DR purchases expenses

CR trade payables/cash

Q

closing inventories

A

DR inventories

CR cost of sales expenses

Q

opening inventories

A

DR cost of sales expense

CR inventories account

Q

Irrecoverable debts

A

DR irrecoverable debt expense

CR trade recievables

Q

Irrecoverable debts paid

A

DR cash

CR irrecoverable debt expense

Q

Doubtful receivables

A

DR irrecoverable debt expense

CR allowance for receivables