5 Questions
What happens when a furniture shop buys furniture for resale?
Debit purchases, credit asset
If an owner takes an asset for personal use, what is the correct accounting treatment?
Dr drawings, Cr asset
What does it mean when a business 'bought goods on time'?
Goods were purchased on credit
Which account is credited when a business sells an old motor vehicle?
Revenue account
In accounting, what does it mean when a business has 'Return outwards'?
Returning goods to suppliers for a refund
Test your knowledge on summarizing petty cash transactions based on the imprest system using the example of Karisma Enterprise for August 2020. Explore topics such as book of prime entry, posting to ledgers using T account, and debit and credit transactions.
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