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Purchases & Sales

Debit or Credit

QuestionAnswer
Purchases are on the ........................ side in the GL Debit
Purchases Returns are on the .......................... side in the GL Credit
VAT on Purchases in VAT Account are on the ..................... side in the GL Debit
VAT on Purchases Returns in VAT Account are on the ........................ side in the GL Credit
Purchases in the Creditors Account are on the .................... side in the CL Credit
Purchases Returns in the Creditors Account are on the ..................... side in the CL Debit
What is a Trial Balance? Shows all the entries from the General and Creditors Ledger
What is the Basic rule of Double-Entry bookkeeping? For every Debit there has to be a Credit.
Debit anything that ........................ Comes in
Credit Anything that ...................... Goes out
Sales are on the ............................ side in the GL Credit
Sales Returns are on the ............................ side in the GL Debit
VAT on Sales is on the .................................. side in the GL Credit
Sales in the Debtors Account are on the ..................... side in the DL Debit
Sales Returns in the Debtors Account are on the .................... side in the DL Credit
Created by: karen.boyle
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