ACCA FA Practice Questions - ACCA Applied Knowledge - Financial Accounting (FA) Exam

A business purchases goods on credit for $3,000. What is the correct double-entry to record this transaction?

Debit Trade payables $3,000; Credit Purchases $3,000 Debit Cash $3,000; Credit Purchases $3,000 Debit Purchases $3,000; Credit Trade payables $3,000 Debit Purchases $3,000; Credit Cash $3,000

Correct Answer:

Debit Purchases $3,000; Credit Trade payables $3,000

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