Pancyprian TS Accounting Practice Questions - Cyprus Pancyprian Access Examination Technical School Accounting (Practical Direction) (ΛΟΓΙΣΤΙΚΗ Τ.Σ. (Π.Κ.), Code 518) Exam

A Technical School workshop buys raw materials on credit from supplier Costa for €1,250. The correct double entry is:

Debit Purchases €1,250; Credit Costa €1,250 Debit Costa €1,250; Credit Purchases €1,250 Debit Purchases €1,250; Credit Bank €1,250 Debit Inventory €1,250; Credit Sales €1,250

Correct Answer:

Debit Purchases €1,250; Credit Costa €1,250

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