- 1 Marks
Question
What are the accounting entries to record the purchase of containers?
Answer
Dr: Container stock account
Cr: Bank/cash
Explanation:
When containers are purchased, the entry is to debit the container stock account to reflect the increase in inventory and credit the bank or cash account to indicate the outflow of cash used for the purchase.
- Tags: Containers, Journal Entries, Purchases
- Level: Level 1
- Uploader: Theophilus