Basic Double Entries Flashcards
(15 cards)
Owner deposited $20 000 into the business bank account
Dr Cash at bank $20 000
Cr Capital $20 000
Owner took $220 cash to pay for her son’s swimming lessons
Dr Drawings $220
Cr Cash in hand $220
Business obtained a loan of $15 000 from Precise Bank
Dr Cash at bank $15 000
Cr Loan $15 000
Business repaid $5 000 of the loan from Precise Bank by cheque.
Dr Loan $5 000
Cr Cash at bank $5 000
Business purchased furniture and fittings $2220 on credit
Dr Fixtures and fittings $2 200
Cr Trade payable $2 200
Business issued a cheque to pay rental of $2550
Dr Rent expense$2 550
Cr Cash at bank $2 550
Business received $800 cash for commission income earned
Dr Cash in hand $800
Cr Commission income $800
Business purchased $2 800 of shirts by cheque
Dr Inventory $2 800
Cr Cash at bank $2 800
Business purchased $1 800 shirts from Tee on credit
Dr Inventory $1 800
Cr Trade payable – Tee $1 800
Business returned $300 worth of shirts to Tee
Dr Trade payable – Tee $300
Cr Inventory $300
Business paid $1 500 to Tee by cheque
Dr Trade payable – Tee $1 500
Cr Cash at bank $1 500
Business sold $2 500 dresses on credit to Kim Dresses.The cost of the dresses was $800
Dr Trade receivables-Kim Dresses $2 500
Cr Sales revenue $2 500
Dr Cost of sales $800
Cr Inventory $800
Kim Dresses returned $250 dresses.The cost of the dresses was $80
Dr Sales Returns $250
Cr Trade receivables-Kim Dresses $250
Dr Inventory $80
Cr Cost of Sale $80
Business received acheque of $2 250 from Kim Dresses
Dr Cash at bank $2 250
Cr Trade receivable Kim Dresses $2 250
Owner took $120 worth of goods from the business for her friend’s birthday.
Dr Drawings $120
Cr Inventory $120
