O-LevelAccountingSources and recording of data7707/11 · Oct/Nov 2018 · Q31 Mark

Wilma bought 55 items from Margot at a list price of $40 each, subject to a 15% trade discount. Wilma later returned 25 items as they were faulty. Which document did Margot issue to Wilma for the returned items?

Acredit note for $850

Bcredit note for $1000

Cdebit note for $850

Ddebit note for $1000

✓ Correct answer

A: credit note for $850

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Topic: Sources and recording of data, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2018 Paper 1 Variant 1, question 3.

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