Rick Bought a Car for Use in the Company Costing

question 4

True/False

Rick bought a car for use in the company costing £5,000 on 31 December 2021. He took out a business loan for this on 31 December 2021.
The double entry for the purchase of van is:
Increase the expense a/c = DEBIT LOAN ACCOUNT A/C £5,000
Increase liability a/c = CREDIT MOTOR VEHICLES A/C £5,000

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Definitions:

Matrix

The intercellular substance of a tissue, or the material in which cells are embedded, ranging from the fluid blood plasma to solid bone.

Fibroblast

Fibroblast is a type of cell found in connective tissue that produces collagen and other fibers, playing a crucial role in wound healing and tissue repair.

Epithelium Classified

An organization of epithelial tissues based on cell shape and layering, which serve various functions such as protection, secretion, and absorption.

Cell Layers

Stratified groups of cells forming tissues or barriers, such as in the skin or lining of the gastrointestinal tract.