ICPAU ATD Practice Questions - ICPAU Accounting Technicians Diploma ATD Exam

A business purchased a computer for UGX 2,500,000 on credit. What is the correct double entry for this transaction?

Debit Office Equipment UGX 2,500,000, Credit Accounts Payable UGX 2,500,000 Debit Purchases UGX 2,500,000, Credit Accounts Payable UGX 2,500,000 Debit Cash UGX 2,500,000, Credit Office Equipment UGX 2,500,000 Debit Accounts Payable UGX 2,500,000, Credit Office Equipment UGX 2,500,000

Correct Answer:

Debit Office Equipment UGX 2,500,000, Credit Accounts Payable UGX 2,500,000

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