1st Bac - Exercises: Double-Entry System

For the exercises below, create the double-entry system according to the accounts involved. Think carefully and analyze each exercise.

1. John is the owner of a fast food restaurant. He buys $50 of potatoes from his supplier. What are the accounts involved? (Use the double-entry system)

2. Peter is the owner of a furniture store. He sales $1200 worth of furniture to a customer. What are the accounts involved? (Use the double-entry system)

3. Mary is the owner of a toy store. She has a loan from the bank. The amount of the loan is $3000. This month Mary pays $200 for the monthly fee to the bank. What are the accounts involved? (Use the double-entry system)


4. Anna is the owner of a pizza restaurant. She uses her personal savings ($4500) to buy an oven. What are the accounts involved? (Use the double-entry system)


5. David is the owner of a sandwich shop. He uses the money from the business ($2500) to buy a new refrigerator. What are the accounts involved? (Use the double-entry system)


6. Betty is the owner of a bakery. This month she pays her employee $400. What are the accounts involved? (Use the double-entry system)







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