Quick questions on Double entry and the accounting equation: debits, credits and ledgers - AQA A-Level Accounting

2short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.

What is q1?

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State the accounting equation in both its forms. [2 marks]

\text{Assets} = \text{Capital} + \text{Liabilities}

, equivalently

\text{Capital} = \text{Assets} - \text{Liabilities}

What is q2?

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A business pays

500

rent by cheque. State the debit and credit entries. [2 marks] Debit rent (an expense increases)

500

; credit bank (an asset falls)

500

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