O-LevelAccountingPreparation of financial statements7707/11 · Oct/Nov 2012 · Q111 Mark
On which side of the following accounts would an entry be made to transfer the total of the account to the income statement at the end of the financial year?
Asales account: debit, carriage inwards account: debit, purchases returns account: debit
Bsales account: debit, carriage inwards account: credit, purchases returns account: debit
Csales account: credit, carriage inwards account: debit, purchases returns account: debit
Dsales account: credit, carriage inwards account: credit, purchases returns account: credit
✓ Correct answer
B: sales account: debit, carriage inwards account: credit, purchases returns account: debit
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