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What are the double entries for the transaction

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Reference no: EM132946413

Problem 1: When additional machinery is bought by cash, it will ____________ .

A. Increase in assets and increase in liabilities

B. increase in assets and increase in capital

C. increase and decrease in assets at same time

D. decrease in assets and decrease in liabilities

Problem 2: When recording an accounting transaction under the double entry system, ________.

A. there must only be two accounts affected by the transaction.

B. there must always be entries made on both side of the accounting equation. C.

the number of debit accounts must be equal to the number of credit accounts. D.

the amount of debits must be equal to the amount of credits.

Problem 3: The owner brought in additional cash of RM10,000 into his business . What are the double entries for the transaction?

Debit Credit

A. Cash Bank

B. Cash Capital

C. Capital Cash

D. Drawings Capital

Problem 4: What are the journal entries to record goods returned to the business by a credit customer?

A. Debit sales, credit return outwards

B. Debit account payable, credit return outwards

C. Debit return Inwards, credit account receivable

D. Debit sales, credit return inwards

Reference no: EM132946413

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