Double-entry bookkeeping 1: debits, credits, T accounts, the trial balance, and the financial statements
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A manufacturer of paper products buys rolls of paper from a supplier for £3,600. Payment for these rolls of paper will be made in 30 days' time. What is the double entry required to record this transaction in the books of account?
Debit purchases of paper £3,600, Credit cash £3,600.
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incorrect
Debit purchases of paper £3,600, Credit trade payables £3,600.
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incorrect
Debit trade payables £3,600, Credit purchases of paper £3,600.
correct
incorrect
Debit trade payables £3,600, Credit cash £3,600.
correct
incorrect
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Gina is an electrician. She buys a new van to use in her business. The van cost £15,000. Gina paid cash to buy this van. What is the double entry required to record this transaction in Gina's books of account?
Debit van £15,000, Credit cash £15,000.
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incorrect
Debit cash £15,000, Credit van £15,000.
correct
incorrect
Debit van £15,000, Credit trade payables £15,000.
correct
incorrect
Debit trade payables £15,000, Credit van £15,000.
correct
incorrect
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A retailer receives £150 in cash from a customer for a cash sale. What is the double entry required to record this transaction in the books of account?
Debit sales £150, Credit cash £150.
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incorrect
Debit sales £150, Credit trade receivables £150.
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Debit trade receivables £150, Credit sales £150.
correct
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Debit cash £150, Credit sales £150.
correct
incorrect
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A clothing retailer buys goods on credit from its suppliers. A payment of £2,800 is made to a supplier of shirts. What is the double entry required to record this transaction in the books of account?
Debit purchases of shirts £2,800, Credit cash £2,800.
correct
incorrect
Debit purchases of shirts £2,800, Credit trade payables £2,800.
correct
incorrect
Debit trade payables £2,800, Credit cash £2,800.
correct
incorrect
Debit trade payables £2,800, Credit purchases of shirts £2,800.
correct
incorrect
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Joe visits the stationers on his way to work. He uses £260 of his company's cash to buy paper and ink for use in his business. What is the double entry required to record this transaction in Joe's books of account?
Debit cash £260, Credit stationery £260.
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incorrect
Debit stationery £260, Credit cash £260.
correct
incorrect
Debit stationery £260, Credit trade payables £260.
correct
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Debit trade payables £260, Credit stationery £260.
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incorrect
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Bigpipes Engineering Limited sells goods for £6,500 on credit to Bolls Bourse plc. What is the double entry required to record this transaction in Bigpipes Engineering Limited's books of account?
Debit cash £6,500, Credit sales £6,500
correct
incorrect
Debit sales £6,500, Credit trade receivables £6,500
correct
incorrect
Debit sales £6,500, Credit cash £6,500
correct
incorrect
Debit trade receivables £6,500, Credit sales £6,500
correct
incorrect
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Bigpipes Engineering Limited buys a new piece of machinery on credit for £30,000. What is the double entry required to record this transaction in Bigpipes Engineering Limited's books of account?
Debit machinery £30,000, Credit trade payables £30,000.
correct
incorrect
Debit cash £30,000, Credit machinery £30,000.
correct
incorrect
Debit machinery £30,000, Credit cash £30,000.
correct
incorrect
Debit trade payables £30,000, Credit machinery £30,000.
correct
incorrect
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A manufacturer of electrical goods makes all its sales on credit. The manufacturer receives £5,000 from a customer to pay for electrical goods delivered to the customer 30 days ago. What is the double entry required to record this transaction in the books of account of the manufacturer of electrical goods?
Debit cash £5,000, Credit sales £5,000.
correct
incorrect
Debit sales £5,000, Credit trade receivables £5,000.
correct
incorrect
Debit cash £5,000, Credit trade receivables £5,000.
correct
incorrect
Debit trade receivables £5,000, Credit sales £5,000.
correct
incorrect
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Hena runs her own accountancy practice. On 30 September, Hena withdraws £2,500 from the practice's bank account to pay the monthly instalment on the mortgage on her house. What is the double entry required to record this transaction in the accountancy practice's books of account?
Debit cash £2,500, Credit mortgage £2,500.
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incorrect
Debit mortgage £2,500, Credit cash £2,500.
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Debit capital £2,500, Credit cash £2,500.
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incorrect
Debit cash £2,500, Credit capital £2,500.
correct
incorrect
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