Asset of Stock 5.4X

Asset of Stock 5.4X

Accounting

5.4X​

Complete the following table

Read the transaction below:

Goods bought on credit from T. Morgan

Multiple Choice

What two things are being affected?

Goods bought on credit from T. Morgan

• Goods & T. Morgan

• Goods & Credit

• Purchase & Credit

• Purchase & T. Morgan

Goods Returned to L. Thomas

Multiple Choice

Goods Returned to L. Thomas

What two things are being affected?

• Goods & Thomas

• Return Inwards & Goods

• Return Outwards & L. Thomas

• Return inwards & L. Thomas

Machinery returned to L. Jones Ltd.

Multiple Choice

What two things are being affected?

Machinery returned to L. Jones Ltd.

• L. Jones & Machinery

• Return inwards & Machinery

• L. Jones & Return outwards

• L. Jones & Assets

Multiple Choice

Transaction: Goods bought for cash

What account needs to be DEBIT

• Purchase

• sales

• Goods

• Assets

Multiple Choice

Transaction: Goods bought for cash

What account needs to be CREDIT

• Purchase

• Goods

• Returns

• Cash

Multiple Choice

Motor van bought on credit from D. Davies LTD

Which account needs to be DEBIT

• Motor Van

• Purchase

• Goods

• D. Davies LTD