Accounting JAMB

Ibrahim; a micro-business operator; sold 10 bags of sugar to Jide at a total cost of #12000. The record in Jide’s book would be to debit?

A. purchases #12,000 and credit Ibrahim #12,000
B. purchases #12,000 and credit sugar account #12,000
C. Jide #12,000 and credit purchases
D. Ibrahim #12,000 and sugar account #12,000

Correct Answer:

Option A – purchases #12,000 and credit Ibrahim #12,000

Explanation

Debit purchase account with 12,000 and credit cash paid to ibrahim 12,000

Sunday

Share
Published by
Sunday
Tags: Accounting

Recent Posts

List of Universities Offering Veterinary Medicine in Nigeria

Veterinary medicine is the branch of medicine that deals with the prevention, diagnosis, and treatment…

3 months ago

List of Universities Offering Anthropology in Nigeria

Anthropology is the scientific study of human beings and their cultures. It encompasses a wide…

3 months ago

List of Universities Offering Sociology in Nigeria

Sociology is the scientific study of human society, culture, and behavior. It examines the social…

3 months ago

List of Universities Offering Social Work in Nigeria

Social Work is a profession dedicated to helping individuals, families, and communities to cope with…

3 months ago

List of Universities Offering Religious Studies in Nigeria

Religious studies is an academic discipline that explores the beliefs, practices, and history of various…

3 months ago

List of Universities Offering Public Administration in Nigeria

Public administration is the field of study and practice that focuses on the organization and…

3 months ago