General Ledger

Question 1

On which side do assets increase and decrease

Answer 1

Assets decrease on the credit side (right) and increase on the debit side (left)

Question 2

On which sides does owners equity increase and decrease

Answer 2

Owners equity increases on the credit side (right) and decrease on the debit side (left)

Question 3

On which sides do liabilities increase and decrease

Answer 3

Liabilities increase on the credit side (right) and decrease on the debit side (left)

Question 4

Which side do we write on for capital in general ledger

Answer 4

Credit side only

Question 5

Which side do we write on for drawings in general ledger

Answer 5

Debit side only

Question 6

Which side do we write on for equipment in general ledger

Answer 6

Debit side only

Question 7

Which side do we write on for trading stock for general ledger

Answer 7

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)

Question 8

Which side do you write on for bank in general ledger

Answer 8

Both sides. Credit side for total payments and debit side for total receipts

Question 9

Which side do we write on for sales in general ledger

Answer 9

Credit side only

Question 10

Which side do we write on for cost of sales in general ledger

Answer 10

Debit side only

Question 11

Which side do we write on for stationary in general ledger

Answer 11

Debit side only

Question 12

Which side do we write on for wages in general ledger

Answer 12

Debit side only

Question 13

Which side do we write in for rent expense in general ledger

Answer 13

Debit side only

Question 14

Which side do we write on for commission income in general ledger

Answer 14

Credit side only

Question 15

Which side do we write on for debtors control in general ledger

Answer 15

Both sides. Debit side for people who owe (sales in dj) and credit side for people who pay.

Question 16

What date do we write in general ledger when recording

Answer 16

The exact date if it’s in sundry and the last date of the month if it’s a column

Question 17

What do we write for opening statements in general ledger

Answer 17

Balance sheet you write balances and nominal account section you write total

Question 18

What do you do for trading stock in general ledger

Answer 18

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

Question 19

What do you do for debtors control in general ledger

Answer 19

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

Question 20

What do you do for bank in general ledger

Answer 20

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

Question 21

What do you do for cost of sales in general ledger

Answer 21

You write the total and trading stock from crj and dj and total (very thing on the debit side)

Question 22

What do we do for sales in general ledger

Answer 22

We write the total and then write the sales from crj and then the sales from dj (debtors control), (everything on the credit side)