Question

In: Accounting

Goods are bought on credit for 300, is the entry to the purchases account a debit...

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

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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