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Chapter 3

Q. 3.Act.2

Which two ledger accounts would you use in recording each of the following transactions?

(a) cash sales.

(b) rent paid by cheque.

(c) wages paid in cash.

(d) a supplier of goods paid online by PayPal.

(e) goods sold on credit to Ford.

Step-by-Step

Verified Solution

(a) Cash account; sales account.

(b) Rent paid account; cash at bank account.

(c) Wages account; cash account.

(d) Purchases account; cash at bank account.

(e) Ford’s account; sales account.