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Team 2
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Teams
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Score
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15
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To record a decrease in a liability, what entry do we make?
Debit entry
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15
×
What is the general principle of Double Entry?
The principle of double entry is for every debit entry there is a corresponding credit entry for each transaction.
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baam
Lose 20 points!
Oops!
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magnet
Take 10 points!
Okay!
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rocket
Go to first place!
Okay!
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thief
Give points!
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25
15
×
What is a credit entry?
A credit entry is one that is recorded on the right side of an account.
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15
×
To record an increase in capital, what entry do we make?
Credit entry
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Check
Okay!
Check
15
×
To record a decrease in an asset, what entry do we make?
Credit entry
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Check
Okay!
Check
15
×
To record an increase in liability what entry do we make?
Credit Entry
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Check
Okay!
Check
15
×
To record an increase in an asset what entry should we make?
Debit entry
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Check
Okay!
Check
×
monster
Reset all scores!
Oops!
×
seesaw
Swap points!
Okay!
×
shark
Other team loses 20 points!
Okay!
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banana
Go to last place!
Oops!
×
lifesaver
Give 10 points!
Oops!
×
fairy
Take points!
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20
25
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fairy
Take points!
5
10
15
20
25
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thief
Give points!
5
10
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20
25
15
×
What is the double entry system?
This is a system that enters each transaction twice, once on the debit side and once on the credit side.
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Check
Okay!
Check
×
baam
Lose 10 points!
Oops!
×
magnet
Take 20 points!
Okay!
×
fairy
Take points!
5
10
15
20
25
×
thief
Give points!
5
10
15
20
25
15
×
what is meant by debit entry ?
A debit entry is one that is recorded on the left side of an account.
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Check
Okay!
Check
15
×
To record a decrease in capital, what entry do we make?
Debit entry
Oops!
Check
Okay!
Check
×
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