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O-LevelAccountingThe fundamentals of accounting7707/13 · Oct/Nov 2024 · Q71 Mark

The following account appeared in the ledger of Eli. Jacob account $ $ June 1 balance b/d 220 June 4 bank 210 22 sales 400 discount 10 30 balance c/d 400 620 620 Which statement is correct?

AOn 1 June Eli was owed $220 by Jacob.
BOn 4 June Eli paid Jacob $210 by cheque.
COn 22 June Jacob sold goods to Eli for $400.
DOn 30 June Jacob was owed $400 by Eli.

✓ Correct answer

A: On 1 June Eli was owed $220 by Jacob.

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About this question

Topic
The fundamentals of accounting, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, Oct/Nov 2024 Paper 1 Variant 3, question 7.

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