Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Which of the following correctly defined the term debit note? a) a note issued by a supplier to a customer to demand payment in

image text in transcribed

1. Which of the following correctly defined the term "debit note"? a) a note issued by a supplier to a customer to demand payment in full for goods supplied. b) a note issued by a customer to a supplier to request for a credit note. c) a note issued by a customer when goods are delivered. d) a note issued by a customer informing the supplier to cancel an invoice received 2. Which of the following should be entered in bank accounts? a) Return inwards b) Payment of purchases by cheque c) Equipment bought on credit d) Credit sales of inventory 3. If goods are taken for private use, the accounting record should be: a) Debit drawings account, credit inventory account b) Debit drawings account, credit sales account c) Debit drawings account credit purchases account d) Debit drawings account, credit capital account

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions