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SingaporeAccountingQuick questions
The Double Entry Recording System
Quick questions on Double entry for cash and bank explained: O-Level Principles of Accounts
4short 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 are paying expenses?Show answer
When the business pays an expense, the expense increases (debit) and the asset paid from decreases (credit):
What is q1?Show answer
State the double entry for the owner paying \4\,000$ into the business bank as capital. [2 marks]
What is q2?Show answer
Give the double entry, with contra labels, for paying \1\,500$ of cash into the bank. [2 marks]
What is q3?Show answer
State the double entry for the owner taking \250$ cash as drawings, and its effect on equity. [3 marks]
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