O-LevelAccountingSources and recording of data7707/12 · May/June 2017 · Q41 Mark

Total goods returned to Wayne by credit customers in March 2017 had a list price of $440. He allows a trade discount of 25% on all credit sales. He posts the total of his sales returns journal to the ledger at the end of each month. How much should be debited to Wayne's sales returns account on 31 March 2017?

A$110

B$330

C$440

D$550

✓ Correct answer

B: $330

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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 2017 Paper 1 Variant 2, question 4.

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