O-LevelAccountingSources and recording of data7707/11 · May/June 2013 · Q111 Mark

Peter is a customer of Paul. On 1 May Peter owed Paul $250. Transactions during May were as follows. | | $ | |---|---| | sales | 1470 | | discount allowed | 20 | | cheques received | 930 | | sales returns | 80 | What was the debit balance on Peter's account in the books of Paul on 1 June?

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A$440

B$460

C$690

D$710

✓ Correct answer

C: $690

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Topic: Sources and recording of data, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2013 Paper 1 Variant 1, question 11.

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