O'Reilly logo

Learn Bookkeeping in 7 Days: Don't Fear the Tax Man by Rod Caldwell

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Appendix B: Exercise solutions

Day 1: introduction to bookkeeping and accounting

Revision exercise for day 1

1. In the following list indicate which should be classified as an asset, liability, equity, income, cost of sales or expense:

fgappb001.jpg

fgappb002.jpg

2. If I sold you a pair of shoes, do I debit or credit the Sales account? CREDIT

3. If I paid a Western Power bill, do I debit or credit the Electricity account? DEBIT

4. Please fill in the headings in the following general ledger account:

Exercise 2.4

Exercise 2.5

Revision exercise for day 2 ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required