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The price paid for the purchase of for the purchase of a business is

Accounts - Principles of Accounts
WAEC 1991
The price paid for the purchase of for the purchase of a business is
  • A. debited to the cash account and credited to the vendor's account
  • B. credited to the cash account and debited to the vendor's account
  • C. credited to the business purchases account and debited to the assets account
  • D. debited to the business purchase account and credited to the assets account
  • E. credited to the cash account and debited to the assets account
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Correct Answer: Option B
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