O-LevelAccountingAccounting procedures7707/12 · Oct/Nov 2025 · Q131 Mark
Natalie is both a customer of and a supplier to Gustav. On 28 June, Gustav's account in Natalie's purchases ledger had a credit balance of $295, and his account in Natalie's sales ledger had a debit balance of $140. Gustav wishes to offset one amount against the other. Which entries will Gustav make in his control accounts? [Figure 13.1 - Debit/Credit table for control accounts]
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Apurchases ledger control account $140
sales ledger control account $140
Bpurchases ledger control account $155
sales ledger control account $155
Csales ledger control account $140
purchases ledger control account $140
Dsales ledger control account $155
purchases ledger control account $155
✓ Correct answer
A: purchases ledger control account $140 sales ledger control account $140
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