The double-entry system of accounting requires a debit entry and a matching credit entry for recording every
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The double-entry system of accounting requires a debit entry and a matching credit entry for recording every transaction. In respect of each of the transactions stated below state the account to be debited and the one to be credited:
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Transactions 1. £100,000 received as capital from owner 2. £30,000 paid to acquire a vehicle for business use 3. £24,000 paid to purchase goods for sale 4. £36,000 received from sales 5. £10,000 paid as a loan to Robert, a salesman 6. £2,400 paid for advertising Debit entry Credit entry
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Introduction to debit and credit Transactions 1 100000 received as capital from the owner 2 Bo...View the full answer
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Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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