Gce Model Questions Vol1 2023 Financial Accounting Question 15

Practice objective / multiple choice question 15 from the 2023 Gce Model Questions Vol1 Financial Accounting examination.

Gce Model Questions Vol1 2023 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 15 GCE_MODEL_QUESTIONS_VOL1 • 2023 • FINANCIAL_ACCOUNTING • objective

A business purchases equipment costing \(18,000\). It pays \(5,000\) in cash and the balance on credit. Record the journal entry using the double‑entry system.

Answer Options

A. Debit Equipment 5,000; Credit Cash 5,000; Credit Accounts Payable 13,000
Correct Answer B. Debit Equipment 18,000; Credit Cash 5,000; Credit Accounts Payable 13,000
C. Debit Equipment 18,000; Credit Cash 13,000; Credit Accounts Payable 5,000
D. Debit Equipment 18,000; Credit Cash 5,000; Credit Notes Payable 13,000
Correct Answer
B
Correct Option:
Debit Equipment 18,000; Credit Cash 5,000; Credit Accounts Payable 13,000

About This Question

This is Gce Model Questions Vol1 2023 Financial Accounting Question 15. It is one of the objective questions from the 2023 Gce Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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