2025 Unit 1 Topic 2

A Bank Loan is classified as a:

• Revenue

• Expense

• Asset

• Liability

when the owner takes money out of the business's account it is called _________?

• credit

• drawings

• debt

• borrowing

Payment of supplies purchased on credit

• Dr. Supplies

  Cr. Accounts Payable

• Dr. Cash

  Cr. Accounts Payable

• Dr. Accounts Payable

  Cr. Cash

• Dr. Accounts Payable

  Cr. Supplies

Received payment from service rendered on credit (Accounts Receivable)

• Dr. Cash

  Cr. Accounts Payable

• Dr. Accounts Receivable

  Cr. Cash

• Dr. Service Income

  Cr. Cash

• Dr. Cash

  Cr. Accounts Receivable

Purchased addition equipment by credit and in cash

• Dr. Cash

  Dr. Equipment

  Cr. Accounts Payable

  Cr. GST Collected

• Dr. Accounts Payable

  Dr. Cash

  Cr. Equipment

  Cr. GST Credits Received

• Dr. Equipment

  Dr. GST Credits Received

  Cr. Accounts Payable

  Cr. Cash

• Dr. Equipment

  Dr. Accounts Payable

  Cr. Cash

  Cr. GST Collected

How would an accountant record an increase in sales / service fees revenue?

• debit
• credit

How would an accountant record an increase in cash at bank?

• Debit
• Credit

Which account is missing?

• Accounts Payable

• Accounts Receivable

• Cash at Bank

• Cash

Which account is missing?

• GST Collected

• GST Credits Received

• Cash at Bank

• Accounts Payable

Which accounts is missing?

• Supplies (Asset)

• Supplies Expense

• GST Collected

• GST Credits Received