O-LevelAccountingSources and recording of data7707/11 · Oct/Nov 2018 · Q71 Mark

On 1 September 2018 Chan owed Tan $570. During September 2018 the following transactions took place. Tan sold goods, $380, on credit to Chan Chan returned goods, $150, to Tan Chan paid Tan $500 by cheque What was the balance brought down on Chan's account in Tan's ledger on 1 October 2018?

A$300 credit

B$300 debit

C$840 credit

D$840 debit

✓ Correct answer

A: $300 credit

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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 7.

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