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O-LevelAccountingSources and recording of dataOct/Nov 2023Paper 2 Q120 Marks

Seok buys and sells goods on credit. He has three credit customers and allows one of them, Naomi, trade discount of 10%. All customers pay Seok by bank transfer. The following balances were extracted from Seok's sales ledger at 1 August 2023. Naomi $450 Siena $155 Bwana $386 $991 The following transactions took place in August 2023. Aug 3 Sold goods on credit, to Naomi, list price $410 5 Sold goods on credit, $89, to Bwana 10 Naomi returned goods, list price $20 11 Naomi paid $423 in full settlement of the amount she owed at 1 August 19 Sold goods on credit, $180, to Bwana 22 Sold goods on credit, to Naomi, list price $230 27 Bwana returned goods, $19 29 Bwana paid $400 REQUIRED

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About This O-Level Accounting Question

This structured question appeared in the Cambridge O-Level Accounting (7707) Oct/Nov 2023 examination, Paper 2 Variant 2. It tests the topic of Sources and recording of data and is worth 20 marks.

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