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The purchase of mattresses from Freehold enterprises by cheque amounted to #305,150. The correct entries...

Accounts - Principles of Accounts
JAMB 2013

The purchase of mattresses from Freehold enterprises by cheque amounted to #305,150. The correct entries for this transaction in the book of the buyer is to debit

 

  • A. sales account and credit bank account
  • B. purchases and credit bank account
  • C. cash and credit freehold
  • D. bank and credit freehold
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Correct Answer: Option B
Explanation

In the book of the buyer, we debit stock or purchase account and credit bank

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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