Question
Goods are bought on credit for 300, is the entry to the purchases account a debit or a credit? Select one: a. Debit b. Credit
Goods are bought on credit for 300, is the entry to the purchases account a debit or a credit?
Select one:
a. Debit
b. Credit
Cash is introduced to a business by the owner as equity. Which account does the credit entry go to?
Select one:
a. Capital account
b. Loan account
A friend of the owner lends the business 1,000. Which account is credit entry made to?
Select one:
a. Loans
b. Cash
A customer pays a sales invoice for 500 in cash, what entry is made to the sales ledger (accounts receivable) control?
Select one:
a. Debit
b. Credit
A supplier returns goods to the business and a credit note is issued, what entry is made on the creditor (accounts payable) control.
Select one:
a. Debit
b. Credit
Are fixtures and fittings assets or liabilities?
Select one:
a. Assets
b. Liabilities
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started