Assume that the ABC LLC purchased a machine for OMR 5000 cash. What would be the journal entry? a. Dr Cash A/C and Cr Machinery A/C b. None of the given options c. Dr Accounts receivables A/C and Cr Cash A/C d. Dr Machinery A/C and Cr Cash A/C

Assume that the ABC LLC purchased a machine for OMR 5000 cash. What would be the journal entry? a. Dr Cash A/C and Cr Machinery A/C b. None of the given options c. Dr Accounts receivables A/C and Cr Cash A/C d. Dr Machinery A/C and Cr Cash A/C

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

Assume that the ABC LLC purchased a machine for OMR 5000 cash. What would be the journal entry?

Dr Cash A/C and Cr Machinery A/C

None of the given options

Dr Accounts receivables A/C and Cr Cash A/C

Dr Machinery A/C and Cr Cash A/C

Clear my choice

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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