Accountancy- week 3 0.0 / 5 ? Business ManagementAccountancy UniversityAll boards Created by: jf00632Created on: 10-01-19 20:02 Purchases Debit (asset) 1 of 16 Sales Credit (income) 2 of 16 Bank (overdraft) Credit (Liability) 3 of 16 Office expenses Debit (expense) 4 of 16 Bank loan Credit (liability) 5 of 16 Bank interest Debit (asset) 6 of 16 Equipment Debit (asset) 7 of 16 Machinery Debit (asset) 8 of 16 Debtors/receivables This is when people owe us money- Debit (asset) 9 of 16 Creditors/payables This is when we owe people money- Credit (Liability) 10 of 16 Administration Expenses Debit (Expenses) 11 of 16 Employees wages Debit (Expense) 12 of 16 Purcase returns Credit (income) 13 of 16 Sales returns Debit (Asset) 14 of 16 Fixtures and Fittings Debit (Asset) 15 of 16 Cash Debit (asset) 16 of 16
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