O-LevelAccountingSources and recording of data7707/11 · Oct/Nov 2015 · Q51 Mark

Sally buys goods and is allowed a discount for early payment. How does Sally record this discount? account to be debited | account to be credited A discount allowed | supplier B discount received | supplier C supplier | discount allowed D supplier | discount received

Adiscount allowed | supplier

Bdiscount received | supplier

Csupplier | discount allowed

Dsupplier | discount received

✓ Correct answer

D: supplier | discount received

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Topic: Sources and recording of data, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2015 Paper 1 Variant 1, question 5.

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