Quiz 8: Credit and Debit Quiz | Double Entry Bookkeeping

Take our credit and debit quiz to check out your knowledge of credits and debits used in double entry bookkeeping.

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1. A business is started with the injection of 10,000 in cash. In which account is the credit entry made?

3.Insurance of 2,000 is paid in advance. In which account is the debit entry made?

4. A business purchases supplies on account for 2,000. On which account is the credit entry made?

5. A business collects fees from a customer in cash for work done. In which account is the credit entry made?

6. A business owner withdraws cash of 1,000 from the business. In which account is the debit entry made?

8. A business invoices customers for fees, giving credit of 30 days. Which account is the debit entry posted to?

9. A telephone bill is received by the business for 500. Which account is the debit entry posted to?

10. A deposit of 1,500 is received from a customer for work to be started next month. Which account is credited?

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About the Author

Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. He has worked as an accountant and consultant for more than 25 years and has built financial models for all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a degree from Loughborough University.

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