Double Entry

Business withdrew $500 from the bank to be put in the office.

• Debit:

  Cash at bank

  $500

• Credit:

  Cash at bank

  $500

• Debit:

  Cash in hand

  $500

• Credit:

  Cash in hand

  $500

The business issued a cheque of $1,000 for a laptop.

• Debit:

  Office equipment

  $1000

• Credit:

  Office equipment

  $1000

• Debit:

  Cash at bank

  $1,000

• Credit:

  Cash at bank

  $1,000

The owner withdrew $600 worth of inventory for his own use.

• Debit:

  Inventory

  $600

• Credit:

  Inventory

  $600

• Debit:

  Drawings

  $600

• Credit:

  Drawings

  $600

The business paid $800 for utilities by cheque.

• Debit:

  Utilities expense

  $800

• Debit:

  Cash at bank

  $800

• Credit:

  Cash at bank

  $800

• Credit:

  Utilities expense

  $800

The business received $150 cash at commission income.

• Debit:

  Cash in hand

  $150

• Debit:

  Commission income

  $150

• Credit:

  Commission income

  $150

• Credit:

  Cash in hand

  $150

The business took up a loan of $100,000 from Swiss Bank.

• Credit:

  Bank loan

  $100,000

• Debit:

  Bank loan

  $100,000

• Credit:

  Cash at bank

  $100,000

• Debit:

  Cash at bank

  $100,000

The business bought inventory worth $5,000 on credit from Mickey Trading.

• Credit:

  Inventory

  $5,000

• Debit:

  Trade payable - Mickey Trading

  $5,000

• Debit:

  Inventory

  $5,000

• Credit:

  Trade payable - Mickey Trading

  $5,000

The business returned a damaged inventory worth $200 to credit supplier Mickey Trading.

• Credit:

  Inventory

  $200

• Debit:

  Trade payable - Mickey Trading

  $200

• Debit:

  Inventory

  $200

• Credit:

  Trade payable - Mickey Trading

  $200

The business bought laptop worth $3,000 on credit from Challenger Electronics.

• Credit:

  Office equipment

  $3,000

• Debit:

  Trade payable - Challenger Electronics

  $3,000

• Credit:

  Trade payable - Challenger Electronics

  $3,000

• Debit:

  Office equipment

  $3,000