Action Accounting
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Collins Consultancy
Double Entry: Transaction 1 / of 7
Scene 2
/ of 68
Introduction
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Double Entry
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Maura has run out of envelops and sends one of the junior clerks to a local stationery shop with some cash to purchase a supply of envelopes which comes to €22.
March 1: Stationery purchased for €22 cash.
Tick which two ledger accounts should be used.
Bank Account
Capital Account
Cash Account
Creditor - Ace Supplies Ltd Account
Creditor - Price Paper Ltd Account
Fixed Assets Account
Purchases Account
Purchases returns Account
Stationery Account
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The cash account and the stationery account should be updated.
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Are you sure? Try again.
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A consultancy business does not carry stock (there will be no purchases in this type of business) items like stationery are considered an expense and appear in an expense account.
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