ASSETS
CAPITAL
LIABILITY
100
Credit Capital $5,000 Debit Bank $5,000
Mr. paul invested a $5,000 cheques into the business account.
100
Credit Capital $3,500, Debit Cash $3,500
What is the double entry for a capital investement of $3,500 cash?
100
Debit P.Tyrell $1,000 Credit Cash $1,000
Made loan payment of 1,000 cash to P.Tyrell. What is the double entry?
200
Fixed Assets Accounts Debit Asset, Credit Bank
What type of double entry account are Machinery, Land, Building? What happens if we purchase these paying by cheque?
200
Capital
What is the name given for the monies or resources used int the business when it's starting up?
200
Debit Purchases $700 Credit L.Thompson $700
Bought goods on credit from L. Thompson for $700
300
Debit cash, Credit Office Furniture.
Sold office furniture for $80 cash because it cannot be used in the business. What is the double entry?
300
Cr. Capital $800 Debit Cash $800 Capital $1,200 Debit Bank $1,200
What is the double entry for : P.Gary and S. Smarter started a business where Gary contributed $800 cash and Smarter contributed a cheque for $1,200 in the business.
300
Credit the liability account.
When a liability increases we ?
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