Accounting entries for the repayment of a loan received from Arjun, the owner's friend:
Debit cash account and Credit capital account
Credit cash account and Debit capital account
Credit cash account and Debit Arjun's loan account
Debit cash account and Credit Arjun's loan account
According to the rules of debt and credit, on what side the increase of rent paid account will be recorded?
It is not recorded.
Every transaction changes:
The assets
Liabilities
Capital
Either or all of these
The right side of an account is known as:
Right
Left
Debit
Credit
The total of the debit balances listed a trial balance will not be equal to that of the credit balances:
If an amount entered in the prime entry book is not posted.
If an amount paid for purchases is posted to stationery account.
If an amount drawn by the owner is posted to the debit of the capital account.
If a transaction has not been entered in the book of prime entry.
