Quiz Answer Key and Fun Facts
1. Goods bought on credit from J Roger. What is debited?
2. Vans bought on credit from K Logan. What is debited?
3. Goods sold on credit to N Hopson. What is credited?
4. Goods are purchased. Jack immediately pays by cheque. What is debited?
5. Goods purchased by us, returned to supplier J Johnson. What is credited?
6. Goods sold returned to us by customer, T Jacob. What is debited?
7. Goods bought by cheque. If you have bought the goods, what is credited?
8. The owner of a business puts money into the business. What is credited?
9. A loan in cash is received from D Michael. What is credited?
10. Debit all incomes, expenses and liabilities and credit all losses, liabilities and gains. Is this statement correct?
Source: Author
litacanrena
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ozzz2002 before going online.
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