Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be
A
Increase in assets of motor vehicle account
B
Decrease in assets of motor vehicle account
C
Increase in assets of bank account
DIncrease in liabilities of bank account
Answer is A
There will be an increase in motor vehicle account and a decrease in the bank account because the vehicle account is the receiver while the bank account is giving out.