Bariga, a stock broker bought stationery for ₦12000 by cash. To record this transaction, debit?
Question 1 Report
Bariga, a stock broker bought stationery for ₦12000 by cash. To record this transaction, debit?
Answer Details
To record the transaction of Bariga, a stockbroker buying stationery for ₦12000 by cash, we would debit "stationery" and credit "cash". This is because we are increasing the stationery asset account, which is represented by the debit entry, and decreasing the cash asset account, which is represented by the credit entry. By doing this, we are correctly recording the transaction and maintaining the accounting equation of assets = liabilities + equity.
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