Accounts Term 2 COB

The purchase of a vehicle by cheque. Which account should you debit?

• Vehicle

• Bank

• Cheque

• Purchases

Purchase of equipment by credit. Which account should you debit?

• Credit

• Equipment

• Cheque

• Purchases

Owner invests private funds in the business' bank account. Which account should you debit?

• Capital

• Bank

• Cheque

• Purchases

Sale of equipment on credit. Which account should you credit?

• Sales

• Payables

• Equipment

• Credit

Owner withdraws cash for private use from the bank account. Which account should I debit?

• Drawings

• Credit

• Withdrawal

• Bank

Owner withdraws cash for private use from the bank account. Which account should I credit?

• Drawings

• Credit

• Capital

• Bank

Repaid money owed to a supplier using cash. Which account should I credit?

• Cash

• Credit

• Payables

• Bank

Took money from the bank to use in the shop. Which account should I debit?

• Cash

• Credit

• Shop

• Bank

Purchased furniture with cash. Which account should I debit?

• Cash

• Furniture

• Account

• Bank

Purchased furniture with cash. Which account should I credit?

• Cash

• Furniture

• Account

• Credit