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Kazeer [188]
3 years ago
15

Q. prepare journal entries from the following business transaction?

Business
1 answer:
makvit [3.9K]3 years ago
5 0

Answer:

Fuel is an expense and the fact that it was not paid off immediately means that it is an amount owed to Western Oil thereby making it an Accounts Payable.

Journal entry is:

Date                Account title and Description                    Debit              Credit

                        Fuel Expense                                            $4,360

                        Accounts Payable                                                           $4,360

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