O-LevelAccountingSources and recording of data7707/11 · May/June 2015 · Q61 Mark
At the end of April the discount column on the debit side of a three column cash book showed entries of $80 and $60. How is this recorded in the ledger? account(s) to be debited account(s) to be credited A discount allowed $140 individual debtor accounts $80 and $60 B discount received $140 individual creditor accounts $80 and $60 C individual creditor accounts $80 and $60 discount received $140 D individual debtor accounts $80 and $60 discount allowed $140
Adiscount allowed $140 individual debtor accounts $80 and $60
Bdiscount received $140 individual creditor accounts $80 and $60
Cindividual creditor accounts $80 and $60 discount received $140
Dindividual debtor accounts $80 and $60 discount allowed $140
✓ Correct answer
A: discount allowed $140 individual debtor accounts $80 and $60
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