WAEC Accounting 2015 Objective — Question 10
Question 10 of 50 from the West African Examinations Council (WAEC) Accounting 2015 Objective paper, with the correct answer and a full explanation.
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What is the ledger entry for the sale of plant and machinery on credit to Wilson?
- A. Credit Sales Account and debit Wilson's Account
- B. Credit Plant and Machinery Account and debit Wilson's AccountCorrect
- C. Credit Sales Account and debit Plant and Machinery Account
- D. Credit Plant and Machinery Account and debit Cash Account
Explanation
When assets are sold on credit to Wilson, the entry is: Dr Wilson's Account, Cr Asset (Plant and Machinery) Account.
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