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.