JAMB - Accounts Principles Of Accounts (2013 - No. 12)
The purchase of mattresses from Freehold enterprises by cheque amounted to #305,150. The correct entries for this transaction in the book of the buyer is to debit
sales account and credit bank account
purchases and credit bank account
cash and credit freehold
bank and credit freehold
Explanation
In the book of the buyer, we debit stock or purchase account and credit bank
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