The purchase of ten ceiling fans by Akpan Electronic Ente...
The purchase of ten ceiling fans by Akpan Electronic Enterprises will be recorded as
An acquisition of fixed asset
An expense in its general office expense account
Part of capital in the capital account
An acquisition of stock
Correct answer is D
Since the shop is involved in the sales of electronics and fans are electronics, the purchase is therefore considered stock which has been purchased by Akpan electronic enterprise for resale.
What is the ledger entry for sale of generator on credit to Patrick? ...
The major objectives of departmental account is to ascertain the ...
Use the following information to answer the given question. \(\begin{array}{c|c} & & N ...
OGOGO'S SALES LEDGER LEDGER CONTROL ACCOUNT \(\begin{array}{c|c} & D & & D \\ \...
Abba offers 5% cash discount on goods worth N10,000, The discount allowed account is to be? ...