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Business & economics · lesson 2 of 4

Debits, credits and journals

A dated record of accounts and debit/credit amounts for a transaction.

University8 practice questionsNotes + worked examples
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Learn the ideas

Prerequisites: Basic arithmetic and percentages.

Journal entry

A dated record of accounts and debit/credit amounts for a transaction.

Debit

The left side of a double-entry account.

Credit

The right side of a double-entry account.

Trial balance

A listing used to check that total recorded debits equal total recorded credits.

Worked examples

Example 1

Which term best matches this description: A dated record of accounts and debit/credit amounts for a transaction.

Journal entry is the matching concept in this lesson.

Journal entry

Example 2

Which term best matches this description: The left side of a double-entry account.

Debit is the matching concept in this lesson.

Debit

Check your understanding

8 questions

Decimals or fractions are accepted for numeric answers. Proofs and written responses use sample answers and require human marking. This is practice, not a protected examination.

1 Which term best matches this description: A dated record of accounts and debit/credit amounts for a transaction.

Show answer and explanation

Journal entry

Journal entry is the matching concept in this lesson.

2 Which term best matches this description: The left side of a double-entry account.

Show answer and explanation

Debit

Debit is the matching concept in this lesson.

3 Which concept would you apply first in a situation where the right side of a double-entry account.

Show answer and explanation

Credit

The scenario directly calls for Credit.

4 Name the concept described as: A listing used to check that total recorded debits equal total recorded credits.

Show answer and explanation

Trial balance

The intended concept is Trial balance.

5 Which statement about Journal entry is most accurate?

Show answer and explanation

A dated record of accounts and debit/credit amounts for a transaction.

The definition in the lesson notes gives the required condition.

6 Explain one important difference between Journal entry and Debit.

Sample answer and marking guidance

Journal entry: A dated record of accounts and debit/credit amounts for a transaction. Debit: The left side of a double-entry account.

Credit a clear distinction using both definitions and an appropriate example if supplied.

7 Give a short example showing how Credit would be used in practice.

Sample answer and marking guidance

A valid example should demonstrate this idea: The right side of a double-entry account.

Credit a relevant scenario that applies the concept rather than merely naming it.

8 Summarize why Trial balance matters in the lesson “Debits, credits and journals”.

Sample answer and marking guidance

Trial balance matters because A listing used to check that total recorded debits equal total recorded credits.

Credit the core purpose, scope and any important limitation from the notes.

Further reading and review references

These are reference links, not copied exercises, institutional endorsement or proof of independent review.