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

Discounts allowed

DR discounts allowed expense | CR trade receivables

Discounts received

DR Trade payables | CR discounts received

sales return

DR sales return | CR trade receivables

purchase returns

DR trade payables | CR purchase returns

contra

DR trade payables | CR trade receivables

Irrecoverable debts

DR irrecoverable debt expense | CR trade receivables

Refund to customers

DR trade receivables | CR cash

refund from suppliers

DR cash | CR trade payables

Dishonoured cheques

DR trade receivables | CR cash

Purchases

DR purchases expenses | CR trade payables/cash

closing inventories

DR inventories | CR cost of sales expenses

opening inventories

DR cost of sales expense | CR inventories account

Irrecoverable debts

DR irrecoverable debt expense | CR trade recievables

Irrecoverable debts paid

DR cash | CR irrecoverable debt expense

Doubtful receivables

DR irrecoverable debt expense | CR allowance for receivables