Transaction

Question

Account to be debited
Account to be credited

Sold goods for cash

Bought goods on credit from Jagi

The owner took goods for his own use

Returned goods to Jagi

Sold goods on credit to Julie

Paid wages to employees

Bought a motor vehicle and paid by cheque

Required:
Complete the table with suitable account titles.

Answer 1

Transaction | Account to be debited | Account to be credited
----------------------------------------------------------------------------------------------------------------------
Sold goods for cash | Cash | Sales
Bought goods on credit from Jagi | Purchases | Accounts Payable
The owner took goods for his own use | Drawings | Inventory
Returned goods to Jagi | Accounts Payable | Purchases Returns
Sold goods on credit to Julie | Accounts Receivable | Sales
Paid wages to employees | Wages Expense | Cash
Bought a motor vehicle and paid by cheque | Motor Vehicle | Cash