double entry quiz

Business purchases equipment by cash. in which account is the debit entry made?

• Equipment

• supplies

• cash

A business owner withdraws cash of 1,000 from the business. in which account is the debit entry made?

• Cash

• Drawings

• owner

A supplier is paid 5,000 by cheque, is the cash account debited or credited?

• Debit

• Credit

Goods are purchased on credit terms?

• Assets decrease

• Liabilities increase

Equipment is sold for cash?

• Asset increase and decrease

• Asset and liabilities increase