Akirika bought a motor van for his business by cash. The entries are to debit?

By: |Published on: Dec 2|Categories: Accounting JAMB| 0 comments

A. motor van and credit Akirika
B. sales and credit Akrika
C. motor van and credit cash
D. cash and credit motor van

Correct Answer:

Option C – motor van and credit cash

Explanation

Since the van is not for resale rather to help in the running of the business, we Debit motor van and credit cash account

Users Also Read These:

SEE ALSO  What will be the number of shares to be issued to a subscriber who applied for N30000 shares?

Copyright warnings! Do not copy.