Action Accounting
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Patricia Green's Organic Fruit and Vegetable Stall
Double Entry: Transaction 5 / of 8
Scene 18
/ of 60
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Double Entry
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Trial Balance
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Income Statement
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It is important to obtain insurance before buying stock and opening the stall, so I wrote a cheque for €180 for insurance cover on the 2nd of October.
Transaction: October 2nd, insurance premium of €180 was paid by cheque on October 2.
Tick which two ledger accounts should be used.
Bank Account
Capital Account
Creditor - Retail Displays Account
Equipment Account
Furniture Account
Insurance Account
Purchases Account
Rent Account
Sales Account
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That's correct. The bank account and the insurance account are the two accounts involved in the transaction.
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The bank account and the insurance account are the two accounts involved in the transaction.
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