GRADED P
(vi) Received cash as salary * 3,600. how to record in accounting equation?
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Answer:
Cash a/c Dr. 3,600
To salary received
Explanation:
Cash account is asset account (as per modern approach) which says debit the increase and credit the decrease. Salary received is income which comes under nominal account (as per traditional approach) which says debit all expenses and losses, credit all incomes and gains.
Hope it helps
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