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    JustMe007's Avatar
    JustMe007 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 25, 2010, 07:32 PM
    Dr and CR Entries
    If I was asked to give an example of the DR and CR entries for the following: Cash sale of $1100, Credit sale to B Brown for $990, Cash purchase of $880, credit purchase from G Green for $770, how would I set this out?
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
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    #2

    Mar 25, 2010, 10:10 PM

    Analyze each transaction and determine the element of financial statements that fit the transaction and then make the necessary entry
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Mar 26, 2010, 12:48 PM

    Remember the following:
    D - Debits
    E - Expense acocunts
    A - Assests
    D - Dividends

    C - Credits
    U - Uneanred Revenues
    R - Revenues
    L - Liabilities
    S - Shareholder's equity, Owners Equity

    This will help to to know what the normal account balance should be; a Debit or Credit.

    For Example an asset has a normal Debit Balance while a Liability has a Credit Balance.
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