WAEC Accounting 2024 Objective — Question 10
Question 10 of 50 from the West African Examinations Council (WAEC) Accounting 2024 Objective paper, with the correct answer and a full explanation.
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A sole trader received the sum of #4,860 cash from a debtor. The effect of this transaction in the balance sheet is a
- A. decrease in stock and increase in debtor
- B. decrease in asset and increase in liability
- C. increase in cash and decrease in debtorCorrect
- D. increase in cash and decrease in capital
Explanation
Cash received from a debtor increases the cash balance while reducing the amount owed by that debtor.
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