Action Accounting
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Flora's Bouquets
Double Entry: Transaction 1 / of 5
Scene 2
/ of 40
Introduction
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Double Entry
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On the 2nd of February Flora went to the flower market and purchased a supply of flowers paying €300 in cash.
Feb 2: Purchased stock paying €300 cash.
Tick which two ledger accounts should be used.
Bank Account
Capital Account
Cash Account
Creditors - Elegant Roses Ltd Account
Creditors - Irish Flowers Ltd Account
Fixed Assets Account
Purchases Account
Sales Account
Stock Account
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Yes, the cash account and the stock account must be updated.
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Remember, four stock accounts are maintained rather one called stock. Flora is PURCHASING stock and paying by cash.
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