Which of the following accounts is debited when a deliver...
Which of the following accounts is debited when a delivery van is sold for cash?
Sales account
Delivery van account
Cash account
Profit and loss accounts
Correct answer is C
if there was a Loss on sale, we Debit cash for the amount received, debit all accumulated depreciation, debit the loss on sale of asset account, and credit the fixed asset.
if there was a Gain on sale. Debit cash for the amount received, debit all accumulated depreciation, credit the fixed asset, and credit the gain on sale of asset account.
Cash is received and expected to be debited going by the principles of double entry.
In the absence of a partnership deed, the act stipulates that____________ ...
Payment to creditors ₦12,250 Creditors at start ₦550 Creditors at end ₦830 What is the am...
The term 'posting' in Accounting refers to ...
Which of the following is a prime cost? ...
Which of the following items are current assets? ...
i. Operating machines ii. Furniture iii. Fixtures and fitting iv. Loan from friends V. Creditors...