O-LevelAccountingSources and recording of data7707/11 · May/June 2019 · Q61 Mark

Suzi owed $200 for goods supplied by Mandy. Suzi paid the amount owing by cheque, after deducting a cash discount of $10. Which entries would Suzi make in Mandy's account to record this transaction?

Acredit entries: bank $190, discount $10

Bcredit entries: bank $200, discount $10

Cdebit entries: bank $190, discount $10

Ddebit entries: bank $200, discount $10

✓ Correct answer

A: credit entries: bank $190, discount $10

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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 2019 Paper 1 Variant 1, question 6.

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