Question

purchased furniture on credit journal entry​

Answer 1

Answer:

Purchase of Furniture increases the value of an asset and according to the Rules of Debit and Credit, an increase in an asset A/c is debited . Further, the company incurs a liability towards Nived and when a liability is increased, the liability account is credited. Hence account of Nived would be credited.

Answer 2

Purchase of Furniture increases the value of an asset and according to the Rules of Debit and Credit, an increase in an asset A/c is debited.