Questions and Answers
What account would be debited and credited when the business bought furniture for use in the business by cash?
Dr asset, Cr cash
In accounting, if the owner takes an asset for personal use, what entry would be made?
Dr drawings, Cr asset
If a business sells goods on credit terms, what accounts are debited and credited?
Dr sales debtors, Cr cash
When an old motor vehicle is sold by a business for cash, which accounts are debited and credited?
Signup and view all the answers
What entry would be made when a business buys goods for resale on credit?
Signup and view all the answers
If an owner takes cash for personal use from the business, what is the correct accounting entry?
Signup and view all the answers
What accounts are involved when buying assets for the business other than for resale?
Signup and view all the answers
If a business sells furniture on time (credit), what accounts are affected?
Signup and view all the answers
What is the correct accounting entry when an owner buys motor vehicles for the business on time (credit)?
Signup and view all the answers
If a business buys goods for resale by cash, what accounts are affected?
Signup and view all the answers
