Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A sole trader took some goods costing $800 from inventory for his own use. The normal selling price of the goods is $1,600. Which of

image text in transcribed

A sole trader took some goods costing $800 from inventory for his own use. The normal selling price of the goods is $1,600. Which of the following journal entries would correctly record this? DEBIT CREDIT $ $ Inventory account 800 Purchases account 800 Drawings account 800 Purchases account 800 Sales account 1,600 Drawings account 1,600 Drawings account 800 Sales account 800 (2 marks)

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

Recommended Textbook for

Quicken 2015 For Dummies

Authors: Stephen L. Nelson

1st Edition

1118920139, 978-1118920138

More Books

Students also viewed these Accounting questions

Question

List noteworthy changes that were implemented in DSM-5.

Answered: 1 week ago