Question

He purchased furniture for cash.
Show the entry in journal​

Answer 1

Answer:

Furniture A/C _Dr. xxxx

To cash A/C xxxx

Explanation:

furniture is our asset so it will be debited and is bieng purchased for cash .. which means cash is going so credit what goes out so cash will be credited

Answer 2

Answer:

Record the entry for the following:

Mr Bank purchased furniture in cash.

A: The journal entry is as follows:

Debit Furniture

Credit Cash/bank

The furniture is an asset. Because assets occur and increase on the left side, this is debited.

The cash is also an asset. Since assets decrease on the opposite side, the right side, we credit the cash/bank.

For more information on this type of transaction check out the lesson on the asset example.