The Accounting Process

Question 1

6 books of prime entry

Answer 1

Sales journal
Purchases journal
Sales returns journal
Purchase returns journal
Cash book
General journal

Question 2

A business bought goods on credit for resale what are the entries

Answer 2

Dr purchase
Cr supplier

Question 3

A customer returns goods they bought on credit what are the entries

Answer 3

Dr sales returns
Cr customer

Question 4

A business received a credit note what are the entries

Answer 4

Dr trade payable
Cr purchase returns

Question 5

What is on the LHS of the cash book

Answer 5

Receipts
Discounts allowed
Balances

Question 6

What is on the RHS of the cash book

Answer 6

Payments
Discounts received
Balances

Question 7

things in the general journal

Answer 7

Opening entries at the start of the business
Accruals and prepayments
Irrecoverable debt and provisions for DD
Depreciation
Correction of errors
Purchase or sale of NCA

Question 8

How should a general journal look

Answer 8

Date. Details Dr. Cr.
Name of a/c to debit X
Name of a/c to credit X
Totals