Action Accounting
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Barry's Butchers
Double Entry: Transaction 1 / of 6
Scene 2
/ of 44
Introduction
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Double Entry
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Barry purchased a supply of beef worth €6,320 on credit from Irish Beef Ltd on the 5th of January.
Jan 5: Purchased €6,320 stock on credit from Irish Beef Ltd
Tick which two ledger accounts should be used.
Bank Account
Capital Account
Cash Account
Creditor - Irish Beef Ltd Account
Creditor - Pork Products Ltd Account
Debtors Account
Fixed assets Account
Purchases Account
Purchases returns Account
Sales Account
Sales returns Account
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Yes, the purchases account and the creditor account should both be updated.
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Are you sure?
The purchases account should be updated when stock is purchased.
If money hasn't exchanged hands then the creditor account should be updated.
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