Study sets matching "double entry"

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Study sets matching "double entry"

38 terms
Double Entry
The company owner invested $50,000 che…
Received cheque amount of $1,500 from…
Bought a machinery costing $62,500 on…
Bought office equipment costing $13,30…
Dr: Bank... Cr: Capital
Dr: Bank ... Cr: Debtor
Dr: Machinery... Cr: Creditor
Dr: Office Equipment... Cr: Creditor
The company owner invested $50,000 che…
Dr: Bank... Cr: Capital
Received cheque amount of $1,500 from…
Dr: Bank ... Cr: Debtor
Double entry bookkeeping
Debit
Expenses
Assets
Drawings
Increases in Expenses, Assets and Drawings. Also, decreases i…
The outgoings of a business, e.g. purchases, wages etc.
Items owned and controlled by a business, e.g. buildings, car…
Money/items withdrawn by the owners of a business.
Debit
Increases in Expenses, Assets and Drawings. Also, decreases i…
Expenses
The outgoings of a business, e.g. purchases, wages etc.
11 terms
double entry
receipt from debtor
credit purchase of stock
NCA contribution by owner
cash sale of stock
debit bank, credit debtors control
debit stock control, debit GST clearing, credit creditors con…
debit NCA, credit capital
debit bank, debit cost of sales, credit sales, credit GST cle…
receipt from debtor
debit bank, credit debtors control
credit purchase of stock
debit stock control, debit GST clearing, credit creditors con…
15 terms
Double entry
Increase in an Asset is ?
Decrease in an Asset is?
Increase in Liability is ?
Decrease in Liability is?
Debit
Credit
Credit
Debit
Increase in an Asset is ?
Debit
Decrease in an Asset is?
Credit
7 terms
DOUBLE ENTRY
DUAL ASPECT CONCEPT
BOOKS OF PRIME ENTRY
LEDGER ACCOUNTS
DEBITS
Each single transaction must have a corresponding transaction
It is where the business day to day transactions are firstly…
Are where prime entries are posted to under different heading…
We debit the receiving accounts
DUAL ASPECT CONCEPT
Each single transaction must have a corresponding transaction
BOOKS OF PRIME ENTRY
It is where the business day to day transactions are firstly…
6 terms
Double Entry
Personal accounts
Real accounts
Nominal accounts
Sales ledger
they're accounts for credit transactions with named supplier…
they're used to record transactions involving capital, assets…
they're used to record expanses including wages, electricity…
the sale ledger contains all the personal accounts of trade r…
Personal accounts
they're accounts for credit transactions with named supplier…
Real accounts
they're used to record transactions involving capital, assets…
double entry
debit
credit
drawings
cash sales
expense / asset / money in
income / liability / money out
any value the owner of a business take from the business for…
credit in sales account as bank/cash (income)... debit in cash b…
debit
expense / asset / money in
credit
income / liability / money out
38 terms
Double Entry
The company owner invested $50,000 che…
Received cheque amount of $1,500 from…
Bought a machinery costing $62,500 on…
Bought office equipment costing $13,30…
Dr: Bank... Cr: Capital
Dr: Bank ... Cr: Debtor
Dr: Machinery... Cr: Creditor
Dr: Office Equipment... Cr: Creditor
The company owner invested $50,000 che…
Dr: Bank... Cr: Capital
Received cheque amount of $1,500 from…
Dr: Bank ... Cr: Debtor
double entry
whats a transaction
double entry accounting
debit?
credit
a exchange of money for a good or service
an accounting system which requires every transaction to be e…
left
right
whats a transaction
a exchange of money for a good or service
double entry accounting
an accounting system which requires every transaction to be e…
22 terms
Double-Entry
Assets and Expenses
Liabilities, Revenue and Expenditure
Cash Purchase
Credit Purchase
Debit +... Credit -
Credit+... Debit -
Debit: Purchases... Credit: Cash
Debit: Purchases... Credit: Payables
Assets and Expenses
Debit +... Credit -
Liabilities, Revenue and Expenditure
Credit+... Debit -
5 terms
Suns: Double Entry Journal
High above the Big Sur coast, atmosphe…
Recently, some local pollution regulat…
The EPA did not approve the district's…
The recent focus on ozone from Asia ha…
High above the Big Sur coast, atmosphe…
Recently, some local pollution regulat…
12 terms
Double Entry Book keeping
ledger accounts
debit entry
credit entry
capital
where double entry is recorded
where an asset or expense is recorded
where a liability or revenue is recorded
the owner's investment in the business
ledger accounts
where double entry is recorded
debit entry
where an asset or expense is recorded
12 terms
Double Entry - match the entries to the transaction
Owner puts money into the business
Owner withdraws money from the business
Telephone bill paid
Loan received from bank
Debit Cash Book - Credit Capital
Debit Drawings - Credit Cash Book
Debit Telephone Exp. - Credit Cash Book
Debit Cash Book - Credit Loan
Owner puts money into the business
Debit Cash Book - Credit Capital
Owner withdraws money from the business
Debit Drawings - Credit Cash Book
19 terms
PBKT - Double Entry Terms
Accounting Equation
Separate Entity
Asset
Liability
Assets - Liabilities = Capital
The business and owner are treated as separate
Something that the business owns
Something that the business owes
Accounting Equation
Assets - Liabilities = Capital
Separate Entity
The business and owner are treated as separate
22 terms
Double entry bookkeeping
financial accounting
management accounting
assets
liabilities
- recording transactions... - preparing financial statements ... -…
includes producing reports to help managers to plan and contr…
items owned by the business or money owed to the business
items or amounts owed by the business
financial accounting
- recording transactions... - preparing financial statements ... -…
management accounting
includes producing reports to help managers to plan and contr…
Double entry principle
Accounting eqn
Left side of account
Right side of account
One side of acc
Every transaction will increase or decrease one or more of th…
Debit
Credit
Will record all increases and the other side decreases
Accounting eqn
Every transaction will increase or decrease one or more of th…
Left side of account
Debit
Double entry accounting system
Asset
Liabilities
Stockholders equity
Revenue
Debit +
Credit +
Credit +
Credit +
Asset
Debit +
Liabilities
Credit +
9 terms
Double Entry System
Started an engineering business puttin…
Bought works machinery on credit from…
Withdrew $200 cash from the bank and p…
Bought a motor van paying in cash $180.
Increase Asset of bank (debit bank account).... Increase Capita…
Increase Asset of machinery (debit machinery account).... Incre…
Decrease Asset of bank... (Credit bank account).... Increase Asset…
Decrease Asset of cash ... (Credit cash account).... Increase Asse…
Started an engineering business puttin…
Increase Asset of bank (debit bank account).... Increase Capita…
Bought works machinery on credit from…
Increase Asset of machinery (debit machinery account).... Incre…
FA Double entry bookkeeping
the main transactions that take place
payroll
main types of business documentation
the flow of information from the initi…
sale, purchase and related payroll
աշխատավարձ
- quotation ... - purchase order... - sales order... - despatch note... -…
data sources, book of prime entry, ledger account, trial bala…
the main transactions that take place
sale, purchase and related payroll
payroll
աշխատավարձ
19 terms
Double Entry Book Keeping
Capital
Financial accounting
Management accounting
Inventory
Resources (cash and other assets) invested by the owner into…
Providing financial statements and recording transactions for…
Produces reports to aid managers in decision making and is on…
Stock
Capital
Resources (cash and other assets) invested by the owner into…
Financial accounting
Providing financial statements and recording transactions for…
Accounting double entry
Capital stock
Dividends
Revenue
Expense
Debit decreases/ credit increases
Debit increases/ credit decreases
Debit decreases/ credit increases
Debit increases/ credit decreases
Capital stock
Debit decreases/ credit increases
Dividends
Debit increases/ credit decreases
double entry vocab Arizzi
Integrity N.
intrepid Adj.
intuitive Adj.
jubilation N.
honesty, high moral standards; an unimpaired condition, compl…
fearless; resolutely courageous
known through immediate insight not gained through rational t…
a feeling of or the expression of joy or exultation:
Integrity N.
honesty, high moral standards; an unimpaired condition, compl…
intrepid Adj.
fearless; resolutely courageous
Double-Entry Accounting System
Chart of Accounts
Ledger
Debit
Credit
"a list of all accounts used by a business"
"whether a system is manual or electronic
"an entry on the left side of an account"
"an entry on the right side of an account"
Chart of Accounts
"a list of all accounts used by a business"
Ledger
"whether a system is manual or electronic
10 terms
Double Entry System
Business Entity
Capital
Assets
Liabilities
...
Refers to the resources supplied to a business by its owner(s)
The resources owned by a business.
The resources supplied to a business by people other than the…
Business Entity
...
Capital
Refers to the resources supplied to a business by its owner(s)
Applying Double-entry Accounting
Describe a T-account and its use in re…
Account balance
Contra account
Credit
a T-account is a tool to show the effects of transactions and…
Difference between total debits and total credits including t…
An account linked with another account. Its normal balance is…
Recorded on the left side; an entry that decreases asset and…
Describe a T-account and its use in re…
a T-account is a tool to show the effects of transactions and…
Account balance
Difference between total debits and total credits including t…
7 terms
Double Entry (Accounting)
Purchases of Goods on Credit.... (i.e. Bo…
Sale of goods on Credit.... (i.e. Sold go…
Discount Received from Creditors.
Discount Allowed to Debtors.
-Debit the Purchases a/c with total cost of goods bought.... -Cr…
-Debit the Debtor a/c value of goods sold.... -Credit Sales a/c…
-Debit the Creditor a/c (x2) with the amount paid and not pai…
-Credit the Debtor a/c with the amount received and not recei…
Purchases of Goods on Credit.... (i.e. Bo…
-Debit the Purchases a/c with total cost of goods bought.... -Cr…
Sale of goods on Credit.... (i.e. Sold go…
-Debit the Debtor a/c value of goods sold.... -Credit Sales a/c…
Accounts- Double Entry
How many separate ledgers are there?
Give three separate ledgers
What is another name for double entry?
What does duality concept mean?
6
Private ledger, cash book, general ledger
Duality concept
for every debit entry there has to be a corresponding credit…
How many separate ledgers are there?
6
Give three separate ledgers
Private ledger, cash book, general ledger
23 terms
The Double-Entry Accounting System
t-account
debit "dr"
credit "cr"
account balance
used for double entry accounting recording procedures and is…
increases asset accounts and decrease liability and stockhold…
decreases asset accounts and increases liability and stockhol…
difference between the total debit and credit amounts
t-account
used for double entry accounting recording procedures and is…
debit "dr"
increases asset accounts and decrease liability and stockhold…
12 terms
Double Entry and the accounting equation
Double entry records
Ledger
6 basic categories of financial transa…
Double entry
What is owed on credit by customers; what is owed on credit t…
Means by which double entry accounts are organised;
Income, expenses, assets. Liabilities, capital, drawings
System of debit and credit entries to describe the dual effec…
Double entry records
What is owed on credit by customers; what is owed on credit t…
Ledger
Means by which double entry accounts are organised;
81 terms
Accounting Mastering Double-Entry Bookkeeping
To make a profit, revenues, (sales and…
If the expenses are greater than the r…
The recording, compiling, recordkeepin…
The recording, compiling, recordkeepin…
Expenses
Loss
Accounting
Bookkeeping
To make a profit, revenues, (sales and…
Expenses
If the expenses are greater than the r…
Loss
14 terms
Double Entry Accounts
The. Cash Book
Cash Book Debit Side
Cash Book Credit Side
Capital introduced.
Book of prime entry, recording monetry transactions of a busi…
Money In - Cash and Bank Receipts.
Money Out - cash and bank payments.
Owners investment in business. Debit Cash Book Receipt of mon…
The. Cash Book
Book of prime entry, recording monetry transactions of a busi…
Cash Book Debit Side
Money In - Cash and Bank Receipts.
9 terms
Double entry system
Double entry system
Personal account
Natural personal accounts
Artificial personal account
Every business transaction has a two fold effect and that eff…
The accounts which relate to an individual, firm, company or…
Accounts of human beings
They do not have physical existence as human beings but they…
Double entry system
Every business transaction has a two fold effect and that eff…
Personal account
The accounts which relate to an individual, firm, company or…
8 terms
Double Entry Bookkeeping
Left
Left
Left
Left
Expense Incurred
Asset acquired/increased
Liability Reduced/extinguished
Cash gained
Left
Expense Incurred
Left
Asset acquired/increased
Double entry bookkeeping
Creditor
Debtors
Categorising accounts
Capital
Supplier to whom the business owes money
Customers who owe the business money
Use a different account book for each category of transaction…
Represents the amount a business owes to its owner
Creditor
Supplier to whom the business owes money
Debtors
Customers who owe the business money
7 terms
Business Keywords: Double Entry
Creditors
Debtors
Assets
liabilities
People we owe money to for goods and services
People who owe us money
Things of value that a business owns
Anything the business owes to others
Creditors
People we owe money to for goods and services
Debtors
People who owe us money
Double Entry Bookkeeping
Three Basic Principles (3)
Dual Effect (2)
Separate Entity (1)
Accounting Equation (1)
Dual Effect... Separate Entity... Accounting Equation
Every transaction a business makes has two effects... Two equal…
Business is a completely separate entity from an individual
Assets = Liabilities + Capital... Assets - Liabilities = Capital…
Three Basic Principles (3)
Dual Effect... Separate Entity... Accounting Equation
Dual Effect (2)
Every transaction a business makes has two effects... Two equal…
Double entry book-keeping
Bank
Cash
Capital
Creditor
Records money kept in the bank by the entity. Includes cheque…
Similar to bank, but it exclusively refers to notes and couns
Owners equity, the contribution made by the proprietor, a spe…
A person the entity had bought goods from on credit. E.g. Sup…
Bank
Records money kept in the bank by the entity. Includes cheque…
Cash
Similar to bank, but it exclusively refers to notes and couns
20 terms
Double entries for retailers
The owner contributed R10 000 capital
Cash sales totaled R900. The business…
Trading stock of R8 000 was purchased…
Paid the water and electricity of R650…
Green Bank + 10 000 / Yellow Capital + 10 000
900/300% = 300... Green Bank +900 / Yellow Sales +900... Green Cost…
Green Trading stock + 8 000 / Yellow Creditors + 8 000
Green Water & Electricity +650 / Yellow Bank - 650
The owner contributed R10 000 capital
Green Bank + 10 000 / Yellow Capital + 10 000
Cash sales totaled R900. The business…
900/300% = 300... Green Bank +900 / Yellow Sales +900... Green Cost…
12 terms
Double-Entry Book-Keeping
DEAD
Expenditure
Assets
Drawings
CLIC
Liabilities
Income
Capital
DEAD
CLIC
Expenditure
Liabilities
18 terms
Double-Entry Bookkeeping
Income before taxes
SG&A
To preserve this identity, for every t…
Assests
gross profit minus SG&A
deprication plus expenses
Debits = Credits
normally have debit balances
Income before taxes
gross profit minus SG&A
SG&A
deprication plus expenses
Accounts- Double Entry
How many separate ledgers are there?
Give three separate ledgers
What is another name for double entry?
What does duality concept mean?
6
Private ledger, cash book, general ledger
Duality concept
for every debit entry there has to be a corresponding credit…
How many separate ledgers are there?
6
Give three separate ledgers
Private ledger, cash book, general ledger
8 terms
Chapter 4 Double Entry Accounting
Chart of Accounts
Assets
General Ledger
Credit
A list of all accounts used by a business.
Accounts that are numbered in the 100s.
A group of accounts.
An amount entered on the right side of an account.
Chart of Accounts
A list of all accounts used by a business.
Assets
Accounts that are numbered in the 100s.
Accounts- Double Entry
what way do we use to present an accou…
How many separate ledgers are there?
Give three separate ledgers
What is another name for double entry?
T account... Running balance
6
Private ledger, cash book, general ledger
Duality concept
what way do we use to present an accou…
T account... Running balance
How many separate ledgers are there?
6
24 terms
Double Entry Accounting and Transaction Analysis
Chart of accounts
Ledger
Double-entry accounting
Debit
a list of all accounts used by a business
aka 'general ledger' location where accounts are grouped toge…
records the different sides of business transactions as 'debi…
entry on the LEFT side of the account
Chart of accounts
a list of all accounts used by a business
Ledger
aka 'general ledger' location where accounts are grouped toge…
Double entry processing
Underpin
Equation
Sound
Beyond
В основата на
Изравняване
Смисъл
Отвъд
Underpin
В основата на
Equation
Изравняване
12 terms
Double-Entry Book Keeping
Double-entry book keeping
T-Account
DEAD
CLIC
This recognises that all bookkeeping has a dual aspect (both…
Debit (left side)... Credit (right side)
Debit... Expenditure... Assets... Drawings
Credit... Liabilities... Income... Capital
Double-entry book keeping
This recognises that all bookkeeping has a dual aspect (both…
T-Account
Debit (left side)... Credit (right side)
Double Entry Recording (Chapter 4)
Assets
Liabilities
Equity
Debit
Debit in nature
Credit in nature
Capital Account - Credit... Drawings - Debit
Debits increases assets;... Inventory, trade recievable, costs,…
Assets
Debit in nature
Liabilities
Credit in nature
39 terms
HFT 3404 Double Entry Accounting
assets
liabilities
owners equity
revenues
resources acquired to produce revenue and are recorded on the…
debts of obligations that arise during the course of business…
is the total assets of an entity minus its total liabilities…
flows of assets resulting from sales of good or services to c…
assets
resources acquired to produce revenue and are recorded on the…
liabilities
debts of obligations that arise during the course of business…
9 terms
Business 💰 - double entry
EARL
We owe...
We own...
Fixed assets
Expenses, assets, revenues, liabilities
Liabilities
Assets
Assets that will last more than a year e.g. premises, machine…
EARL
Expenses, assets, revenues, liabilities
We owe...
Liabilities
9 terms
(POA)DOUBLE ENTRY OF BOOK KEEPING
three types of ledger
Purchases Ledger
Sales Ledger
General Ledger
•Purchases Ledger ... •Sales Ledger ... •General Ledger
Use to record goods brought on Credit Only.
Use to record goods Sold on credit only
Use to record the cash purchases and cash sales as welll as i…
three types of ledger
•Purchases Ledger ... •Sales Ledger ... •General Ledger
Purchases Ledger
Use to record goods brought on Credit Only.
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