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.
What date do we write in general ledger when recording
The exact date if it’s in sundry and the last date of the month if it’s a column
What do we write for opening statements in general ledger
Balance sheet you write balances and nominal account section you write total
What do you do for trading stock in general ledger
You write balance and the amount for stock bought on the debit side. You write the cost of sales for DJ and CRJ on the credit side, then you balance and write c/d. Then finally you go on the debit side and write the first of the next month and balance b/d and the amount left over
What do you do for debtors control in general ledger
You write balances and the sales from DJ on the debit side. You write the amount from debtors control in CRJ and then you balance and write c/d on the credit side. Then finally you go back to the debit side and write the date of the next month and balance b/d and the amount left over
What do you do for bank in general ledger
You write balances and total receipts on the debit side. You write total payments on the credit side and then you balance and write c/d. Finally you write the date of the next month and balance b/d and the amount
What do you do for cost of sales in general ledger
You write the total and trading stock from crj and dj and total (very thing on the debit side)
What do we do for sales in general ledger
We write the total and then write the sales from crj and then the sales from dj (debtors control), (everything on the credit side)