The price paid for the purchase of a business is

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Accounts - Principles of Accounts WAEC 2002

The price paid for the purchase of a business is

  • credited to cash accounted to cash account and debited to vendor's account checkmark
  • debited to cash account and credited to Vendor's Account
  • debited to business purchase Account and credited to Asset Account
  • credited to cash Account and debited to Asset Account

The correct answer is: A

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