Answered: Which advance account is used in the…

Business

Accounting

Which advance account is used in the journal entry

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

25 - The company placed an order to purchase a new machine and paid 70.000 TL in advance to the seller company for this. Which advance account is used in the journal entry
A) 159 ADVANCES GIVEN FOR ORDERS

B) 179 ADVANCES GIVEN TO SUBCONTRACTORS

C) 259 ADVANCES GIVEN

D) 269 ADVANCES GIVEN

E) 195 BUSINESS ADVANCES

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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