On 1 September 2024, Mrs A Zulu opened a new clothing
store, SA Clothing. She will not only sell various clothing items but will also
provide services repairing clothing items for clients. SA Clothing is not
registered as a VAT vendor and makes use of the periodic inventory system.

On 28 September 2024, SA Clothing received an invoice
from SA Telephone Ltd and paid R1 760 with an electronic funds transfer.

Which account will be
debited, and which account will be credited in the general ledger of SA Clothing ?

Question

On 1 September 2024, Mrs A Zulu opened a new clothing
store, SA Clothing. She will not only sell various clothing items but will also
provide services repairing clothing items for clients. SA Clothing is not
registered as a VAT vendor and makes use of the periodic inventory system.

On 28 September 2024, SA Clothing received an invoice
from SA Telephone Ltd and paid R1 760 with an electronic funds transfer.

Which account will be
debited, and which account will be credited in the general ledger of  SA Clothing ?

Answer

Debit the bank account with R1 760, and credit the telephone
account with R1 760

Answer

Debit the trade payables account with R1 760, and credit the telephone
account with R1 760

Answer

Debit the telephone account with R1 760, and credit the trade payables
account with R1 760

Answer

Debit the telephone account with R1 760, and credit the bank
account with R1 760

Crowdly

On 1 September 2024, Mrs A Zulu opened a new clothing store, SA Clothing. She w...

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