General Ledger Flashcards
On which side do assets increase and decrease
Assets decrease on the credit side (right) and increase on the debit side (left)
On which sides does owners equity increase and decrease
Owners equity increases on the credit side (right) and decrease on the debit side (left)
On which sides do liabilities increase and decrease
Liabilities increase on the credit side (right) and decrease on the debit side (left)
Which side do we write on for capital in general ledger
Credit side only
Which side do we write on for drawings in general ledger
Debit side only
Which side do we write on for equipment in general ledger
Debit side only
Which side do we write on for trading stock for general ledger
Both sides. Debit side for when you are buying trading stock. Credit side is for when you are selling trading stock. (Cost of sales crj and dj)
Which side do you write on for bank in general ledger
Both sides. Credit side for total payments and debit side for total receipts
Which side do we write on for sales in general ledger
Credit side only
Which side do we write on for cost of sales in general ledger
Debit side only
Which side do we write on for stationary in general ledger
Debit side only
Which side do we write on for wages in general ledger
Debit side only
Which side do we write in for rent expense in general ledger
Debit side only
Which side do we write on for commission income in general ledger
Credit side only
Which side do we write on for debtors control in general ledger
Both sides. Debit side for people who owe (sales in dj) and credit side for people who pay.