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Business & economics · University

Debits, credits and journals

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

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Prerequisites

Basic arithmetic and percentages.

Study notes

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

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

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

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

    1. Debit
    2. Credit
    3. Trial balance
    4. Journal entry

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

  3. Which statement about Journal entry is most accurate?

    1. The right side of a double-entry account.
    2. The left side of a double-entry account.
    3. A dated record of accounts and debit/credit amounts for a transaction.
    4. A listing used to check that total recorded debits equal total recorded credits.

  4. Explain one important difference between Journal entry and Debit.

Answers and marking guidance

Answers and marking notes
  1. Credit

    The scenario directly calls for Credit.

  2. Trial balance

    The intended concept is Trial balance.

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

    The definition in the lesson notes gives the required condition.

  4. 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.

Further reading and review references

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