Double-entry bookkeeping 2: books of prime entry, accounting systems

Quiz Content

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. Since cash paid is a credit entry in the cash account, all the other corresponding double entries to record cash paid must be debits.

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. Debit expenses, Credit cash is the correct double entry to record cash purchases of goods and services.

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. Debit trade payables control account, Credit cash is the correct double entry to record the payment of cash to suppliers for goods and services provided on credit.

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. Interest paid (finance expense) is credited to the interest paid account.