JAMB - Accounts Principles Of Accounts (2012 - No. 6)
Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
In the book of Ibrahim, the entry to record the transaction would be to debit
In the book of Ibrahim, the entry to record the transaction would be to debit
sugar account #12,000 and credit Jide #12,000
Jide #12,000 and credit sales account #12,000
Ibrahim #12,000 and credit Jide #12,000
sugar account #12,000 and credit Ibrahim #12,000
Explanation
Debit cash paid by Jide to the sum of 12,000 and credit stock or sales account
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