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The Double-Entry System
Quick questions on Recording transactions in T-accounts: N(A)-Level Principles of Accounts
5short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is the layout of a T-account?Show answer
Each account looks like a capital "T". The account name sits at the top. The left side is for debits and the right side is for credits. Each line shows three things:
What is naming the other account?Show answer
If cash is debited because the owner paid in capital, the entry in the cash account reads "Capital" in the details, and the entry in the capital account reads "Cash". This cross-referencing is how a marker checks the double entry is complete.
What is q1?Show answer
In the bank account, a payment for insurance is recorded. On which side does it go and what is written in the details? [2 marks]
What is q2?Show answer
A business receives \900$ cash from a customer who owed money. Show the two entries. [2 marks]
What is q3?Show answer
Explain why the details column never names the account you are writing in. [2 marks]
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