O-LevelAccountingAccounting procedures7707/12 · May/June 2013 · Q61 Mark

Sue allowed Jane a discount for prompt payment. How would this be recorded in Jane's books?

Aaccount to be debited: discount allowed, account to be credited: Sue

Baccount to be debited: discount received, account to be credited: Sue

Caccount to be debited: Sue, account to be credited: discount allowed

Daccount to be debited: Sue, account to be credited: discount received

✓ Correct answer

D: account to be debited: Sue, account to be credited: discount received

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2013 Paper 1 Variant 2, question 6.

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