Chapter 15/16 general Journals Flashcards Preview

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Flashcards in Chapter 15/16 general Journals Deck (7)
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1
Q

General journal entry for sales return

A
Sales Return - Debit
GST Clearing - Debit
Debtors Control - Credit
Name of debtor - Credit
Stock Control - Debit
Cost of Sales - Credit
2
Q

General Journal entry for purchase returns

A

Creditor Control - Debit
Name of creditor - Debit
GST Clearing - Credit
Stock Control - Credit

3
Q

General Journal entry for depreciation

A

Depreciation - Debit

Accumulated depreciation - Credit

4
Q

General Journal closing entry for depreciation, loss

A

P + L Summary - Debit

Depreciation- Credit

5
Q

General Journal closing entry for depreciation, profit

A

Depreciation - Debit

P + L Summary - Credit

6
Q

How to balance accumulated depreciation

A
  1. Depreciation of first two years on credit side
  2. Balance on debit side
  3. Balance credit side
  4. Add depreciation from third year
  5. Balance debit side
  6. Final balance credit side
7
Q

Closing depreciation ledger

A

P + L on credit side of equal value to Accumulated Depreciation on debit side