Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On 2 August 2 0 2 3 , Africa Traders bought a new delivery vehicle of R 3 5 0 0 0 0 from SA
On August Africa Traders bought a new delivery vehicle of R from SA Dealers, which was financed with a secured loan from SA Bank bearing interest at prime repayable over five years, for the use of delivering the goods sold to customers. On August Africa Traders made a down payment of R on the loan. Africa Traders is not a registered VAT vendor.
Which account will be debited, and which account will be credited in the general ledger of Africa Traders for the transactions that took place during August
Select one:
a
Dr
Bank
Cr
R
R
Aug
Aug
Longterm loan: SA Bank
Dr
Longterm loan: SA Bank
Cr
R
R
Aug
Bank
Aug
Vehicles
Dr
Vehicles
Cr
R
R
Aug
Longterm loan: SA Bank
Aug
b
Dr
Bank
Cr
R
R
Aug
Mortgage loan: SA Bank
Aug
Mortgage loan: SA Bank
Dr
Mortgage loan: SA Bank
Cr
R
R
Aug
Bank
Aug
Bank
c
Dr
Bank
Cr
R
R
Aug
Longterm loan: SA Bank
Aug
Longterm loan: SA Bank
Dr
Longterm loan: SA Bank
Cr
R
R
Aug
Bank
Aug
Bank
d
Dr
Bank
Cr
R
R
Aug
Longterm loan: SA Bank
Aug
Dr
Longterm loan: SA Bank
Cr
R
R
Aug
Vehicles
Aug
Bank
Dr
Vehicles
Cr
R
R
Aug
Aug
Longterm loan: SA Bank
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