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

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:

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 ...