Q8 ABC Bakers is a partnership concern owned and operated by Mr. X and Mr. Y. Identify the option that reflect the correct treatment of accounting transaction in the books of ABC Bakers? Select one: a. Mr. X borrowed Mr. Y money from a partnership’s bank account to buy a car for personal use: Debit vehicle; Credit Bank b. Mr. Y purchased an oven for the bakery using his personal credit card: Debit Oven (Asset); Credit Equity Capital c. Mr. X paid his house rent from the business bank account. Debit Rent expense; Credit Bank B d. Mr. Y paid out of bu
Q8 ABC Bakers is a partnership concern owned and operated by Mr. X and Mr. Y. Identify the option that reflect the correct treatment of accounting transaction in the books of ABC Bakers? Select one: a. Mr. X borrowed Mr. Y money from a partnership’s bank account to buy a car for personal use: Debit vehicle; Credit Bank b. Mr. Y purchased an oven for the bakery using his personal credit card: Debit Oven (Asset); Credit Equity Capital c. Mr. X paid his house rent from the business bank account. Debit Rent expense; Credit Bank B d. Mr. Y paid out of bu
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q8
ABC Bakers is a partnership concern owned and operated by Mr. X and Mr. Y. Identify the option that reflect the correct treatment of accounting transaction in the books of ABC Bakers?
Select one:
a. Mr. X borrowed Mr. Y money from a partnership’s bank account to buy a car for personal use: Debit vehicle; Credit Bank
b. Mr. Y purchased an oven for the bakery using his personal credit card: Debit Oven (Asset); Credit Equity Capital
c. Mr. X paid his house rent from the business bank account. Debit Rent expense; Credit Bank B
d. Mr. Y paid out of bu
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