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JAMB Accounts Principles of Accounts 2013 Paper

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Question : 4

Total: 48

July 1 - Started business with #10,500
July 31- Paid Agro machine x #6,000 owing them

The double entry for July 31 would be

debit Agromachinex and credit cash
debit equipment and credit Agromachinex
credit capital and debit cash
credit cash and debit purchases

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