Edexcel IGCSEAccountingGeneral Applications6 Marks
For each of the following transactions, state the account to be debited and the account to be credited in the ledger of XYZ Traders.
- (a)Purchased inventory on credit from Supplier A for $1200.[2]
- (b)Paid rent for the month by bank transfer, $500.[2]
- (c)Sold goods for cash, $350.[2]
Mark scheme
Marking points from the official mark scheme. The mark or mark type is shown in brackets.
- (a) Debit Purchases (1) Credit Supplier A / Accounts Payable (1)
- (b) Debit Rent Expense (1) Credit Bank (1)
- (c) Debit Bank / Cash (1) Credit Sales (1)
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