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WAEC Financial Accounting 2025 Question 20

Question 20

Double Entry and the Ledger

The acquisition of furniture for office use for ₦290,000 should be debited to

  1. A.cash account
  2. B.purchases account
  3. C.assets account
  4. D.bank account
Show the answer and explanation

Answer: C (assets account)

Explanation

Furniture for use is a fixed asset, so the asset (furniture) account is debited.