O-LevelAccountingThe fundamentals of accounting7707/12 · Oct/Nov 2023 · Q41 Mark
The following ledger account was in Meena's sales ledger. $ $ Jan 1 balance b/d 100 Jan 15 bank 100 Jan 31 balance c/d 20 Jan 30 sales returns 20 120 120 Feb 1 balance b/d 20 Which statement about the balance on 1 February in Meena's books of account is correct?
AIt is an asset.
BIt is an expense.
CIt is a liability.
DIt is revenue.
✓ Correct answer
C: It is a liability.
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