Journals, Ledgers, and Cash Books
Previously a firm purchased goods from Levinson on credit. A correct entry to record the firm setting its account its account with Levinson could be:
Debit and Credit = Levinson and Bank
Debit and Credit = Returns outwards and Levinson
Debit and Credit = Bank and Levinson
Debit and Credit = Levinson and Returns outwards
Debit and Credit = Levinson and Returns outwards
Related posts
An entry in which one account is debited and another is credited is called:A. Compound entry
B. Simple entry
C. Combined entry
D. Minor entry
___________ will be credited if goods are given as charity.
A. Cash
B. Charity
C. Purchases
D. Sales
The account of a supplier would be found in:
A. General ledger
B. Purchases day book
C. Purchases ledger
D. Sales day book
Liabilities normally show:
A. Debt balance
B. Zero balance
C. Credit balance
D. Marked balance
Machinery bought on credit from Lander Ltd had to be retuned due to its unsuitability. The correct entry to record this in the accounts would be (debit and credit) is:
A. Machinery and Lander Ltd
B. Lander Ltd and Returns outwards
C. Returns outwards and Lander Ltd
D. Lander Ltd and Machinery
The journal folio is recorded in:
A. Ledger
B. Journal
C. Trial balance
D. Balance sheet
Excess of debit balance over credit balance is called:
A. Nil balance
B. Debit balance
C. Excess balance
D. Credit balance
Leave a Reply