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
- Depreciation of first two years on credit side
- Balance on debit side
- Balance credit side
- Add depreciation from third year
- Balance debit side
- Final balance credit side
7
Q
Closing depreciation ledger
A
P + L on credit side of equal value to Accumulated Depreciation on debit side