Accounting 101
Drawings is to always be
Debited
The right hand side of the t-account is known as
The credit side
The 2 methods of depreciation are.
Reducing balance & straight line
An alternative name for the extended trial balance.
The worksheet
Bank overdraft is to always be
Credited
This separates the debit side from the credit side.
T-account
This speaks to when a debtor that was assumed to be unable to pay his/her debt actually makes a payment.
Bad debt recovered
A list of all the totals of all accounts from the double entry system.
Trail balance
This is a subsidiary of the cash book.
Petty cash book
When capital decreases we record on
The debit side.
Where are the adjustments typically found in a question?
Footnotes
Income is what type of balance?
Credit balance
Payments that are outstanding are referred to as
Accruals
When assets decrease we record on the
Credit side
This method of deprecation starts off with large deductions in the earlier years.
Reducing balance
The balancing figure in the profit and loss columns is to be entered where?
Balance sheet
Rent received is an example of a
Revenue
John borrows $4,500 cash from RBC. Which account is debited?
Cash
Cost Price - depreciation =
Net book value
This item is to be deducted from the capital + net profit in the balance sheet.
Drawings