F4 Term 2 Accounts

Commission received is considered what type of account?

• Expense

• Revenue

• Asset

• Liability

Bank overdraft is what type of account?

• Asset

• Revenue

• Liability

• Expense

Sales belongs on which side of the trial balance?

• Debit

• Credit

What side of the trial balance does purchase returns belong?

• Debit

• Credit

Capital goes on which side of the trial balance?

• Debit

• Credit

The balance of trade receivables goes on which side of the trial balance?

• Debit

• Credit

H. Lawrence a credit customer, would have an account in which Journal?

• Sales journal

• Purchase journal

• Sales returns journal

• General journal

We bought goods from H. Michael and paid $1000 cash. Which account is being debited

• Cash

• H. Michael

• Purchases

• Bank

Y. Lee purchased goods from us on credit. Which account will we credit?

• Y. Lee

• Goods

• Purchases

• Sales

Goods were taken by the owner for personal use. Which account would be debited?

• Goods

• Purchases

• Drawings

• Capital