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

OOU JUPEB Admission For Agricultural Extension

Do you want to study Agricultural Extension in OOU? Before you apply for the OOU…

11 months ago

OOU JUPEB Admission For Agricultural Economics

Do you want to study Agricultural Economics in OOU? Before you apply for the OOU…

11 months ago

OOU JUPEB Admission For Cooperative and Business Management

Do you want to study Cooperative and Business Management in OOU? Before you apply for…

11 months ago

OOU JUPEB Admission For Home and Hotel Management

Do you want to study Home and Hotel Management in OOU? Before you apply for…

11 months ago

OOU JUPEB Admission For Animal Production

Do you want to study Animal Production in OOU? Before you apply for the OOU…

11 months ago

OOU JUPEB Admission For Crop Production

Do you want to study Crop Production in OOU? Before you apply for the OOU…

11 months ago