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July 1 - Started business with #10,500 July 31- Paid Agro machine x #6,000 owing...

Accounts - Principles of Accounts
JAMB 2013

July 1 - Started business with #10,500
July 31- Paid Agro machine x #6,000 owing them

The double entry for July 31 would be

  • A. debit Agromachinex and credit cash
  • B. debit equipment and credit Agromachinex
  • C. credit capital and debit cash
  • D. credit cash and debit purchases
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Correct Answer: Option A
Explanation

Debit the creditors account ( agr0-machine) and credit cash

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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts