Action Accounting
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First Steps Eductional Supplies
Double Entry: Transaction 1 / of 6
Scene 2
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Introduction
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Double Entry
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The business purchased educational items for resale paying €6000 by cheque on May 1st
May 1st: Goods purchased and paid €6000 by cheque.
Tick which two ledger accounts should be used.
Bank Account
Purchases Account
Purchases returns Account
Sales Account
Sales returns Account
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The purchases account and the bank account are the two accounts which must be updated.
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Are you sure? Try again.
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Stock is being purchased. Remember four stock accounts are maintained. The business pays for the stock by cheque.
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