DR + CR Flashcards

1
Q

Discounts Allowed

A

DR Discounts Allowed Expense

CR Trade Receivables

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2
Q

Discounts Received

A

DR Trade Payables

CR Discounts Received Income

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3
Q

Selling goods for cash

A

DR Cash

CR Sales

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4
Q

Selling goods for credir

A

DR trade receivables

CR sales

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5
Q

Credit customer pays

A

DR cash

CR trade receivables

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6
Q

buying goods for cash

A

DR purchases

CR cash

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7
Q

buying goods for credit

A

DR purchases

CR trade payables

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8
Q

Payment for credit purchases

A

DR trade payables

CR cash

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9
Q

Receiving discount

A

DR trade payables

CR discounts recieved

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10
Q

allowing discount

A

DR discounts allowed

CR trade receivables

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11
Q

Buying Machine in cash

A

DR plant property and equipment (PP&E)

CR cash

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12
Q

buying machine on credit

A

DR plant property and equipment (PP&E)

CR Payables

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13
Q

Investing own money

A

DR cash

CRccapital

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14
Q

Taking money out

A

DR drawings

CR cash

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15
Q

Borrowing money

A

DR cash

CR loan

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16
Q

Payback loan

A

DR loan

CR cash

17
Q

Paying Interest

A

DR Interest expense

CR cash

18
Q

Pay expenses

A

DR expense

CR cash

19
Q

Paying wages

A

DR wage expense

CR cash

20
Q

Receiving Rent Bill

A

DR rent expense

CR payables

21
Q

Settlement discounts

A

DR discounts allowed expense

CR trade recievables

22
Q

discounts received

A

DR trade payables

CR discounts received income

23
Q

petty cash receipt

A

DR petty cash

CR bank

24
Q

expenses from petty cash

A

DR expenses

CR petty cash

25
Discounts allowed
DR discounts allowed expense | CR trade receivables
26
Discounts received
DR Trade payables | CR discounts received
27
sales return
DR sales return | CR trade receivables
28
purchase returns
DR trade payables | CR purchase returns
29
contra
DR trade payables | CR trade receivables
30
Irrecoverable debts
DR irrecoverable debt expense | CR trade receivables
31
Refund to customers
DR trade receivables | CR cash
32
refund from suppliers
DR cash | CR trade payables
33
Dishonoured cheques
DR trade receivables | CR cash
34
Purchases
DR purchases expenses | CR trade payables/cash
35
closing inventories
DR inventories | CR cost of sales expenses
36
opening inventories
DR cost of sales expense | CR inventories account
37
Irrecoverable debts
DR irrecoverable debt expense | CR trade recievables
38
Irrecoverable debts paid
DR cash | CR irrecoverable debt expense
39
Doubtful receivables
DR irrecoverable debt expense | CR allowance for receivables