Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 6 - No. 39)
For a credit transfer from the bank current account for the purchase of an asset.
Debit the account with the value of the asset purchased, Credit bank account.
Credit the account with the value of the asset purchased, Debit bank account.
Debit cash account, Credit bank account.
Debit bank account, Credit expense account.
Explanation
Debit the account with the value of the asset purchased, Credit bank account.
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