Journals, Ledgers, and Cash Books

Cash payments

Cash receipts

Both A and B

None of these

Narration

Explanation

Summary

Other information

Overdraft

Mortgage

Debtors

Loan

Sales ledger

Purchase ledger

Customer’s ledger

Both (a) and (c)

Debit and Credit = S Knight £15 and Discount received £15

Debit and Credit = S Knight £30 and Discounts received £30

Debit and Credit = Discount received £30 and S Knight £30

Debit and Credit = Discount allowed £15 and S Knight £15

Nominal accounts

Balance Sheet accounts

Real accounts

None of these

Cash entry

Contra entry

Payment entry

Compound entry

Sales journal

Cash receipts journal

Purchases journal

Cash disbursements journal

Capital is a debit balance

Cash can be either a credit or debit balance

Capital must always involve the owner withdrawing money

Drawings reduces the capital balance

Purchases journal

Sales journal

General journal

Cash receipts journal