If a business proprietor pays their personal income into the business bank account, what is the accounting double entry to record the transaction?
A: Dr Drawings Cr Cash
B: Dr Cash Cr Sales
C: Dr Cash Cr Drawings
D: Dr Expense Cr Cash
A: Dr Drawings Cr Cash
B: Dr Cash Cr Sales
C: Dr Cash Cr Drawings
D: Dr Expense Cr Cash
举一反三
- Tobby started his company with a $12,000 cash investment. Please write down the journal entry. A: Dr Cash $12,000, Cr Investment $12,000 B: Dr Investment $12,000, Cr Cash $12,000 C: Dr Cash $12,000, Cr Tobby's capital $12,000 D: Dr Tobby's capital $12,000, Cr Cash $12,000
- Ignoring sales tax, which of the following are the correct entries to post the total of the discounts received column in the cash book to the general ledger? A: DR discounts received, CR Purchases B: DR Payables control account, CR Discounts received C: DR Purchases, CR Discounts received D: DR Discounts received, CR Payable control account
- In a financial accounting system what would be the double entry for the purchase of raw materials? A: Dr Raw material inventory, Cr Payables control account B: Dr Raw material inventory, Cr Cost control account C: Dr Payables control account, Cr Dr Raw material inventory D: Dr Cost control account, Cr Dr Raw material inventory
- A business discovers that a customer has become bankrupt. The customer owes the business $2,360. If sales tax is 20%, what accounting entries are necessary? A: DR Irrecoverable debts: $2,360, CR Receivables: $2,360 B: DR Irrecoverable debts: $1,888, DR Sales tax: $472, CR Receivables: $2,360 C: DR Irrecoverable debts: $2,360, CR Sales tax: $393.33, CR Receivables: $1,966.67 D: DR Irrecoverable debts: $1,966.67, DR Sales tax: $393.33, CR Receivables: $2,360
- In a financial accounting system what would be the double entry for the issue of direct materials to production? A: Dr Raw material inventory, Cr Work in progress B: Dr Raw material inventory, Cr Cost control account C: Dr Work in progress, Cr Raw material inventory D: Dr Cost control account, Cr Raw material inventory