The necessary accounting entries to record scrapped container in accounting for containers, using container Trading...

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POST UTME OAU

The necessary accounting entries to record scrapped container in accounting for containers, using container Trading Accounting method is

  • A) DEBIT Container Account; CREDIT Stock Container Trading Account
  • B) DEBIT Container Trading Account; CREDIT Container Stock Account
  • C) DEBIT Container Profit Suspense Account; CREDIT Container Control Account
  • D) DEBIT Container Control Account; CREDIT Container Trading Account

Correct Answer: B) DEBIT Container Trading Account; CREDIT Container Stock Account

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