A-LevelAccountingReconciliation and verification9706/12 · May/June 2014 · Q101 Mark
X buys from and sells goods to Y. At the end of the month, X owes Y $3200 and Y owes X $1941. Which double entry records the contra entry in X's books? Dr $, Cr $ A purchases ledger control account 1259, sales ledger control account 1259 B purchases ledger control account 1941, sales ledger control account 1941 C sales ledger control account 1259, purchases ledger control account 1259 D sales ledger control account 1941, purchases ledger control account 1941
Apurchases ledger control account Dr $1259, sales ledger control account Cr $1259
Bpurchases ledger control account Dr $1941, sales ledger control account Cr $1941
Csales ledger control account Dr $1259, purchases ledger control account Cr $1259
Dsales ledger control account Dr $1941, purchases ledger control account Cr $1941
✓ Correct answer
B: purchases ledger control account Dr $1941, sales ledger control account Cr $1941
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