Category: Accounting

If there is a separate sub-ledger account for every debtor and creditor, which of the following double-entries is the correct way to record money paid as a cheque to Pat Smith, who is a creditor of the business?

Select ONE answer:

1. Account to Debit Pat Smith / Account to Credit Cash
2. Account to Debit Bank / Account to Credit Pat Smith
3. Account to Debit Cash / Account to Credit Pat Smith
4. Account to Debit Pat Smith / Account to Credit Bank

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 4 – This is the correct double entry record when a firm pays money to one of its creditors for an unpaid invoice using a cheque.

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Which of the following double-entries is the correct way to record money received from shareholders as new capital into the business’s bank account?

Select ONE answer:

1. Account to Debit Capital / Account to Credit Bank
2. Account to Debit Cash / Account to Credit Capital
3. Account to Debit Bank / Account to Credit Capital
4. Account to Debit Capital / Account to Credit Cash

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 3 – This is the correct double entry record when a business receives new capital from shareholders into its bank accounts.

This work is licensed under a Creative Commons Attribution 4.0 International License.

If there is a separate sub-ledger account for every debtor and creditor, which of the following double-entries is the correct way to record money received from Peter Smith, who is a debtor to the business?

Select ONE answer:

1. Account to Debit Peter Smith / Account to Credit Bank
2. Account to Debit Bank / Account to Credit Peter Smith
3. Account to Debit Bank / Account to Credit Cash
4. Account to Debit Cash / Account to Credit Peter Smith

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Accounting KS5 classes.

The answer is 2 – This is the correct double entry record when a firm receives money from one of its debtors for an unpaid invoice.

This work is licensed under a Creative Commons Attribution 4.0 International License.

A school brought a set of computers to be used in the teaching of lessons, and paid for them using a cheque. Which of the following double-entries below is the correct way to record this transaction?

Select ONE answer:

1. Account to Debit Computer / Account to Credit Bank
2. Account to Debit Bank / Account to Credit Computer
3. Account to Debit Cash / Account to Credit Computer
4. Account to Debit Computer / Account to Credit Cash

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Accounting KS5 classes.

The answer is 1 – This is the correct double entry record when a school buys the computers and pays for the asset by using a cheque. Answer 2 – would be when the school then sold the computers to a third-party and were paid by a cheque.

This work is licensed under a Creative Commons Attribution 4.0 International License.

Which one of the following possible double-entries is correct?

Select ONE answer:

1. Account to Debit Bank / Account to Credit Bank
2. Account to Debit Vehicles / Account to Credit Bank
3. Both of the above
4. None of the above

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Accounting KS5 classes.

The answer is 2 – This is the correct double entry record when a firm buys a vehicle and pays for the asset by using a cheque.

This work is licensed under a Creative Commons Attribution 4.0 International License.