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On 30 April 2020, ARK Traders purchased furniture to the value of R50 000 on credit from Value Furnishers. The business uses the periodic inventory
On 30 April 2020, ARK Traders purchased furniture to the value of R50 000 on credit from Value Furnishers. The business uses the periodic inventory system. Which one of the following represents the correct general ledger entries in the books of ARK Traders to record the above transaction? A. General ledger Account debited Furniture Purchases Account credited B. General ledger Account debited Value Furnishers/Trade payables control Account credited Furniture C. General ledger Account debited Value Furnishers/Trade payables control Account credited Purchases D. General ledger Account debited Furniture Account credited Value Furnishers/Trade payables control E. General ledger Account debited Purchases Account credited Value Furnishers/Trade payables control
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