Question

Identify the debit and credit aspect of the following business transactions. "Goods taken by the owner for his personal use."

• A. Debit- Sales, Credit - Purchase
• B. Debit- Drawings, Credit - Sales
• C. Debit- Drawings, Credit - Purchase
• D. Debit- Capital, Credit - Purchase

Answer 1

Answer:

C. Debit- Drawings, Credit - Purchase

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