Double Entry and the Ledger

Double entry bookkeeping means that every transaction:

1. Is recorded twice on the debit side
2. Is recorded only once
3. Is recorded with a debit in one account and an equal credit in another
4. Is recorded only in the cash book

In a T-account, the debit side is the:

1. Left side
2. Right side
3. Top
4. Bottom

An increase in an asset is recorded as:

1. Neither
2. A debit
3. A credit
4. Both

An increase in a liability is recorded as:

1. A debit
2. Neither
3. A credit
4. Both

An increase in capital is recorded as:

1. A credit
2. A debit
3. An asset
4. An expense

Expenses are recorded as:

1. Credits
2. Capital
3. Debits
4. Liabilities

Revenue is recorded as:

1. A debit
2. An asset
3. An expense
4. A credit