153 COMMERCIAL GOODS XX 191 DEDUCTIBLE VAT XX 320 SELLERS XX _____________________ / _____________________ Which of the following belongs to the above journal entry? A) Returns B) Buy Discounts C) Purchase of Goods on Credit D) Sales Returns E) Sales of Goods on Credit

153 COMMERCIAL GOODS XX 191 DEDUCTIBLE VAT XX 320 SELLERS XX _ / _ Which of the following belongs to the above journal entry? A) Returns B) Buy Discounts C) Purchase of Goods on Credit D) Sales Returns E) Sales of Goods on Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

31 - _____________________ / _____________________
153 COMMERCIAL GOODS XX
191 DEDUCTIBLE VAT XX
320 SELLERS XX
_____________________ / _____________________
Which of the following belongs to the above journal entry?
A) Returns

B) Buy Discounts

C) Purchase of Goods on Credit

D) Sales Returns

E) Sales of Goods on Credit

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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