A-LevelAccountingThe accounting cycle9706/12 · May/June 2013 · Q11 Mark

In the books of account of Y, how could a credit entry of $500 in X's account have arisen?

AX bought goods from Y.

BX returned goods to Y.

CY made a payment to X.

DY returned goods to X.

✓ Correct answer

B: X returned goods to Y.

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Topic: The accounting cycle, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, May/June 2013 Paper 1 Variant 2, question 1.

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