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Collins Consultancy
Double Entry: Transaction 7 / of 7
Scene 26
/ of 68
Introduction
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Double Entry
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On March 31st a cheque was paid to Ace Supplies limited to clear the debt in full.
March 31: Ace Supplies Ltd balance paid by cheque
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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Yes, the bank account and the appropriate creditor's account should be updated.
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A cheque was paid to Ace Supplies Ltd
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