Business High School

N Apple bought goods on credit from Pencil Point Ltd. What is the double entry to record this transaction in the accounting records of Pencil Point Ltd? a. Debit N Apple, Credit Sales b. Debit Sales , Credit N Apple c. Debit Purchases, Credit Pencil Point ltd d. Debit Pencil point Ltd, Credit Purchases.

Answers

Answer 1

Answer:

c. Debit Purchases, Credit Pencil Point ltd

Explanation:

The journal entry for purchasing the goods from the Pencil point ltd on credit is given below;

Since the goods are purchased so here purchase account is debited and we credited the pencil point ltd

So, the journal entry is

Purchase Dr XXXX

          To Pencil Point ltd XXXX

(Being goods purchased on credit)

The purchase is debited as it increased the assets and pencil point ltd is credited as it also increased the liability

Related Questions

Personal Financial
Literacy

Answers

Answer:

You would have to answer this because I dind't read the story.

Explanation:

Other Questions
plz help!! Which best describes why taxes and savings are considered leakage factors?A) They take money out of households.B) They take money out of the economic system.C) They take money out of the economic sectors.D) They take money out of the financial sector.Thank you!! : ) Help me with these questions thanks. How does a young recruit get acquainted in a new camp? How is their experience similar or different than yours when you have been in a new place with new people? Using examples from Sunrise Over Fallujah, compare your experiences in an essay of at least 250 words. Find the volume of a cylinder with a radius of 6cm and height of 8cm Adele buys some furniture for 4500. She pays a deposit of 20%. She pays the remainder in 24 monthly payments. How much is each monthly payment?SHOW THE WHILE PROCESS TOO PLEASE Choose a real or made up company, and describe at least three ways in which the company uses technology. Hola, Sarai: al enviar este formulario, el propietario podr ver su nombre y direccin cObligatorio1. EN LA PRIMERA ESTAMPA CHAGUITO ESCONDIA EN UNA CAJA A: *(2 puntos)O UNPERROO UNA COTORRAO UN GALLOO UN REGALO What does the chart indicate about American employment during world war 1 4) Find the volume of the pyramid. The process by which national economies, politics, cultures, and societies become integrated with those of other nations around the world. World Trade Organization Globalization O Apartheid O Microeconomics has a standard of 2 direct labor hours per unit. The standard wage rate of each worker is $32.50 per hour. In July, the company produced 4,770 units and paid workers $190,000 for a total of 8,940 direct labor hours. Compute the direct labor efficiency variance. What is the value of the interior angle What voice is reunite? The function defined by d = 50+ 3121 - 1612 gives the height in feet of a cannonball t seconds after the ball leaves the cannon. 1. What do the terms 50, 3121, and -1612 tell us about the cannonball? If an arrow is shot upward on Mars with a speed of 56 m/s, its height in meters t seconds later is given by y = 56t 1.86t2.(a) Find the average speed over the given time intervals. (i) [1, 2] m/s (ii) [1, 1.5] m/s (iii) [1, 1.1] m/s (iv) [1, 1.01] m/s (v) [1, 1.001] m/s (b) Estimate the speed when t = 1. m/s. What mass of silver nitrate will react with 5.85 grams ofsodium chloride to produce 14.35 grams of silver chlorideand 8.5 grams of sodium nitrate? Eliza Doolittle wants Henry Higgins to teach her to speak proper English because she is poor and wants a higher position in society. Which kind of character motivation is this? PLS HELP WILL GIVE BRAINLIEST Laura comprou 870 gramas de carne moida e vai dividir ingualmente em 3 pacotes. Quantas gramas tero em cada pacote? What is PQ? with a sector of 60 degrees and a radius of 9?A) 540B) 4.7C) 9.4D) 171.9