O-LevelAccountingAccounting procedures7707/12 · May/June 2018 · Q71 Mark

The following partly-completed account appeared in Edward's sales ledger. Ann account | 2018 | | debit $ | credit $ | balance $ | |:---|:---|:---|:---|:---| | April 4 | sales | 21 500 | | | | 11 | sales returns | | 500 | | On 29 April, Ann paid $10000 by cheque and was given a cash discount of $200. Which statement is correct on 30 April?

AAnn owed Edward $10800.

BAnn owed Edward $11200.

CEdward owed Ann $10800.

DEdward owed Ann $11200.

✓ Correct answer

A: Ann owed Edward $10800.

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2018 Paper 1 Variant 2, question 7.

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