- Which of the following transactions does this record belong to? a) Record of purchase of goods against promissory note B) Record of purchase of goods on credit NS) Forward purchase of goods record D) Register of purchase of goods on credit TO) Record of purchase of goods by endorsement of check

- Which of the following transactions does this record belong to? a) Record of purchase of goods against promissory note B) Record of purchase of goods on credit NS) Forward purchase of goods record D) Register of purchase of goods on credit TO) Record of purchase of goods by endorsement of check

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 1MCQ

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Question

26 -

Which of the following transactions does this record belong to?

a)	Record of purchase of goods against promissory note

B)	Record of purchase of goods on credit

NS)	Forward purchase of goods record

D)	Register of purchase of goods on credit

TO)	Record of purchase of goods by endorsement of check

.../202
Debt
receivable
153 Commercial Goods Hs.
102.000
191 VAT Deductible
18.360
120.360
321 Debt Securities Hs.

Expert Solution

Step 1

Purchase are debted and debt securities are credited.

Promissory note are debt securities

Step by step

Solved in 2 steps

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