The purchase of ten ceiling fans by Akpan Electronic Ente...
The purchase of ten ceiling fans by Akpan Electronic Enterprises will be recorded as
An acquisition of fixed asset
An expense in its general office expense account
Part of capital in the capital account
An acquisition of stock
Correct answer is D
Since the shop is involved in the sales of electronics and fans are electronics, the purchase is therefore considered stock which has been purchased by Akpan electronic enterprise for resale.
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Sales - #232,000 Opening stock - # 28,000 Purchases - #128,000 Carriage inwards - # 4,000 Carria...
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