If Jo buys a van using a bank payment to do so, then the bank account would be debited and the van account would be credited.
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Q1: The accounting equation states that 'assets= capital-liabilities'.
Q2: Double-entry bookkeeping requires one entry be made
Q4: To increase a liability account, the account
Q5: To increase an expense account, the account
Q6: A trade payables account will usually show
Q7: If the trial balance totals agree, this
Q8: If the statement of financial position shows
Q9: When a business makes a loss as
Q10: The statement of profit or loss is
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