The website has the complete lesson note for all the subjects in secondary school but this piece showcases the JSS1 Business Studies Lesson Note on Double Entry Treatment of Expenses. You can use the website search button to filter out the subject of interest to you.
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DOUBLE ENTRY TREATMENT OF EXPENSES
Expenses mean spending money belonging to a business to gain more money. It is recorded on the debit side of the books.
Types of expenses: rent, wages/salaries, postages, stationery, insurance telephone, electricity, motor expenses etc.
Example:
June 12 Vehicle expenses of N2000 paid by cheque.
Solution: Credit Bank account, and debit Vehicle expenses account
Dr Bank Cr
| N Jan 10 Vehicle expenses 2,000 |
Dr Vehicle Expenses Cr
| N June 12 Bank 2,000 |
|
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