Double Entry Bookkeeping

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Double Entry Bookkeeping

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7 A sole trader took some goods costing $800 from inventory for his own use.

The
normal selling price of the goods is
$1,600.
Which of the following journal entries would correctly record this?
Dr
Cr
$
$
A Drawings account
800
Inventory account
800
B Drawings account
800
Purchases account
800
C Sales account
1,600
Drawings account
1,600
(1 mark)

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