ledgers Flashcards
1
Q
purchases
A
debit
2
Q
sales returns
A
debit
3
Q
assets
A
debit
4
Q
expenses
A
debit
5
Q
drawings
A
debit
6
Q
bad debts
A
debit
7
Q
sales revenue
A
credit
8
Q
purchase returns
A
credit
9
Q
liabilities
A
credit
10
Q
other incomes
A
credit
11
Q
equity
A
credit
12
Q
taken for personal use
A
drawings
13
Q
what account do bankruptcy go into
A
bad debts
14
Q
G Green purchased good on credit costing £150 plus VAT what accounts are needed (you are not G Green)
A
G Green A/C DR
sales revenue CR
VAT CR
15
Q
£50 of the goods sold to G Green were returned as they were damaged. what accounts are needed? (you are not G Green)
A
G Green A/C CR
sales returns DR
