O-LevelAccountingAccounting procedures7707/12 · Oct/Nov 2022 · Q71 Mark
Which entries should be made to post the monthly totals of the discount allowed and discount received columns of the cash book? discount allowed discount received A credit discount allowed account debit discount received account B credit income statement debit income statement C debit discount allowed account credit discount received account D debit income statement credit income statement
Acredit discount allowed account, debit discount received account
Bcredit income statement, debit income statement
Cdebit discount allowed account, credit discount received account
Ddebit income statement, credit income statement
✓ Correct answer
C: debit discount allowed account, credit discount received account
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