Use the following information to answer this question A company charges out goods to a…

Accounts - Principles of Accounts WAEC 1997

Use the following information to answer this question

A company charges out goods to a branch at cost plus 25 percent. It invoiced N12,00 worth of goods

The double entry required for the mark-up is debit Branch

  • Sales Account, credit Branch Adjustment Account
  • Adjustment Accoutnt, credit Branch Stock Account
  • Stock Account, credit Branch Adjustment Account checkmark
  • Adjustment Account, credit Branch Profit and Loss Account
  • Profit and Lost Account, credit Branch Stock Account

The correct answer is: C

Explanation

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