The Ledgers Flashcards by Owen Robinson | Brainscape

Q

What are the 3 ledgers?

A

Receivables, payables, general

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Q

How are T accounts labelled?

A

Purchases
Expenses
Assets
Revenue
Liabilities
Sales

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Q

How do you balance a T account?

A

01/09Capital5000|02/09Computer 1800
05/09 Loan 2500 | 06/09 purchases 500
10/09 sales 750 | 12/09 drawings 100
| 15/09 wages 200
| 30/09 bal c/d 5650

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