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What is a ledger entry for the sale of plant and machinery on credit to...

Accounts - Principles of Accounts
WAEC 2015

What is a ledger entry for the sale of plant and machinery on credit to Wilson?

  • A. Credit sales account and debit cash account
  • B. Credit plant and machinery account and debit Wilson's account
  • C. Credit sales account and debit Wilson's Account
  • D. Credit plant and machinery account and debit cash account
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Correct Answer: Option C
Explanation

The sales and receipts classes of transactions are the typical journal entries, that debit accounts receivable (debtors) and credit sales revenue, and debit cash and credit accounts receivable  in which the amount owed will be paid at a later date. 

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Your School's Whatsapp Group - Join Us now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now