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Purchase of fixed assets on credit is originally recorded in

This question belongs to Commerce Accounting
Accounting
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Purchase of fixed assets on credit is originally recorded in

Answer & Solution
Correct Answer: Option D
Purchase of fixed assets on credit is originally recorded in Journal Proper. On the assumption that the asset was purchased on credit, the initial entry is a credit to accounts payable and a debit to the applicable fixed asset account for the cost of the asset.
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