Knowledge Check: Double-entry Bookkeeping

During a lively accounting class, Oliver and Freya were tasked with balancing Rock 'n' Rolls' trial balance. To their surprise, the debit column totalled £237,568 while the credit column showed £387,500. Can you help them figure out the difference between these two columns?

• DR 149,932

• CR 149,932

• DR 625,068

• CR 625,068

Imagine you're in a magical accounting class with Harry, Poppy, and Aarav. Would the following accounts typically have debit or credit balances within the trial balance? 1. Purchases returns

• Credit

• Debit

Imagine you're running a lemonade stand with Rosie. Would the following account typically have a debit or credit balance in your trial balance? 2. Sales

• Debit

• Credit

Arthur and Florence are planning a party and need to keep track of their expenses. Would the following account typically have a debit or credit balance in their trial balance? 3. Entertainment expense

• Debit

• Credit

Chloe and James are playing an accounting game. Chloe asks, "James, in our trial balance game, would 'Sales returns' typically have a debit or credit balance?"

• Debit

• Credit

Imagine you're the accountant for a magical candy shop run by Isla and Harry. Would the following account typically have a debit or credit balance in the trial balance? 6. Receivables ledger control

• Debit

• Credit

Arthur is organizing a treasure hunt and needs to balance his treasure map! Can you help him figure out if the following accounts would typically be debit or credit balances within the trial balance? 7. Payables ledger control

• Debit

• Credit

Daniel and Anaya are running a small business together. Here's the financial scoop they have for the month: Opening payables: £14,550 Closing payables: £12,560 Payments for purchases during the month: £85,460 Out of these payments, £35,640 were for cash purchases. Can you help Daniel and Anaya figure out the amount of purchases made on credit for the month?

• £47,830

• £48,810

• £49,820

• £83,470

Imagine Arjun is managing his finances. He checks his receivables account and sees an opening balance. What would this balance be classified as?

• Asset

• Liability

• Expense

• Income

Imagine you're helping Grace and George organize their finances. Which of the following items would they list as a current asset?

• Motor vehicles

• Bank

• Motor expenses

• Loan from the bank