Double Entry System
Double entry system for assets, liabilities and capital
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Topics of this game:
- What happens when an asset increases?
- The capital account usual has a debit balance
- For every _________ there must be a ________ .
- If the liability account increases which side is it recoded on?
- A business is started with 2,000 from the owner being deposited in the bank, which account is credited?
- The business borrowed cash of $290. What is the entry to the cash account and liability account?
- Cash of 100 is taken from the bank account and used. The entry to the bank account is a _________?
- What is the left side of a transaction which records something coming into the business called? And What is the right side of a transaction which records something going out of the business called?
- Debit entries are ones that account for the following effects: Increase in assets Decrease in liability Decrease in equity
- Credit entries are ones that account for the following effects: Decrease in assets Increase in liability Increase in equity
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