Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
In the book of Ibrahim, the entry to record the transaction would be to debit
- sugar account #12,000 and credit Jide #12,000
-
Jide #12,000 and credit sales account #12,000
- Ibrahim #12,000 and credit Jide #12,000
- sugar account #12,000 and credit Ibrahim #12,000
The correct answer is: B
Explanation
Debit cash paid by Jide to the sum of 12,000 and credit stock or sales account