Use the following information to answer the question $ Trade creditors (31/12/2020) 4,000 Paid for purchases in 2021: Cheques 110,000 Carriage inwards 1,000...

Assessment: WAEC SSCE - Financial Accounting - 2023 (Objective) Subject: Financial Accounting

Question 1 Report

Use the following information to answer the question

	$
Trade creditors (31/12/2020)	4,000
Paid for purchases in 2021: Cheques	110,000
Carriage inwards	1,000
Trade creditors (31/12/2021)	6,000

The balance c/d on trade creditors will be recorded in the balance sheet as

current asset

short-term liability

long-term liability

fixed asset

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