Economics · Accounting - Double Entry Bookkeeping
Nicky runs a sole trader business selling computers. On 12 January 20X7, Nicky employed a family member as an administrator for the business and transferred a computer from the store room for their use in the office. What is the correct double entry for this transaction?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Debit Cost of sales; Credit Non-current assets
- 2Debit Cost of sales; Credit Drawings
- 3Debit Non-current assets; Credit Cost of sales (or Purchases)✓
- 4Debit Drawings; Credit Cost of sales
Correct answer
Debit Non-current assets; Credit Cost of sales (or Purchases)
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