Maintaining financial records [AF-REC]
A business sells goods on credit to a customer for £1,800 plus VAT at 20%. What is the correct double entry?
Debit trade receivables £2,160; credit sales £1,800 and credit VAT payable £360
Debit cash £2,160; credit sales £1,800 and credit VAT payable £360
Debit trade receivables £1,800; credit sales £1,800
Debit sales £1,800 and debit VAT £360; credit trade receivables £2,160
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