O-LevelAccountingSources and recording of data7707/11 · May/June 2023 · Q71 Mark

A trader issues an invoice for goods sold on credit. The full price of the goods is $2500. The trader allows a trade discount of 15%, and offers a cash discount of 4% for prompt payment. Which amount is recorded in the sales journal?

A$2025

B$2040

C$2125

D$2500

✓ Correct answer

C: $2125

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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 2023 Paper 1 Variant 1, question 7.

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