Extra

Question 1

All debits (12)

Answer 1

Expense

• Purchases,
• wages,
• utilities,
• cost of sales,
• admin,
• depreciation,
• discount allowed

Asset

• PPE,
• prepayments,
• receivables,
• cash

Drawings

• Owner removing goods or cash from the business

Question 2

All credits? (15)

Answer 2

Liabilities

• Loans,
• payables,
• overdraft,
• accruals,
• deferred income,
• provisions

Income

• Revenue,
• sales,
• bank interest,
• discount received,
• investment income

Capital

• Retained earnings,
• share capital,
• share premium,
• revaluation reserve