The double entry for July 31 would be?

By: |Published on: Dec 1|Categories: Accounting JAMB| 0 comments

July 1 – Started business with #10,500
July 31- Paid Agro machine x #6,000 owing them

 

A. debit Agromachinex and credit cash
B. debit equipment and credit Agromachinex
C. credit capital and debit cash
D. credit cash and debit purchases

Correct Answer:

Option A – debit Agromachinex and credit cash

Explanation

Debit the creditors account ( agro-machine) and credit cash

Users Also Read These:

SEE ALSO  The prime cost is the total of the?

Copyright warnings! Do not copy.