A-LevelAccountingReconciliation and verification9706/12 · Oct/Nov 2024 · Q91 Mark
In the books of a trader, discounts received of $1400 have been posted correctly in the suppliers' accounts but debited in the discounts allowed account. What are the correcting entries?
Asuspense $2800; discounts allowed $1400, discounts received $1400
Bdiscounts allowed $1400, discounts received $1400; suspense $2800
Cdiscounts received $1400; discounts allowed $1400
Ddiscounts allowed $1400; discounts received $1400
✓ Correct answer
A: suspense $2800; discounts allowed $1400, discounts received $1400
Practise more questions on this topic
Oracle Prep sorts past-paper questions by topic, so you can drill Reconciliation and verification and see which topics are most likely to come up next.
Sign up free →