O-LevelAccountingSources and recording of dataOct/Nov 2010 · Q71 Mark

Wayne sold goods with a list price of $5000 to a credit customer. The customer was allowed a 5% trade discount and a further 2½% cash discount if payment was made within 20 days of the invoice date. How much did Wayne credit to his sales account? A $4625 B $4631 C $4750 D $4875

Mark scheme

Marking points from the official mark scheme (Oct/Nov 2010). The mark or mark type is shown in brackets.

On Oracle Prep you can write or photograph your own answer and have it marked by AI against this mark scheme, with feedback on what you missed.

Topic: Sources and recording of data, O-Level Accounting (syllabus 7707). Structured question, 1 mark.
Source: O-Level Accounting, Oct/Nov 2010 Variant 1, question 7.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

The Sandhill Golf Club has 150 members who each pay an annual subscription of $40. On 1 January 2010 subscriptions un…

Mohan is a trader. On 24 April 2011 he had a bank overdraft of $150. The following transactions took place during th…

Chan returns goods to Yeung. How is this recorded in the books of Yeung?

A taxi firm received $500 from passengers. The firm sold a vehicle for $5000. How should these receipts be treated?

Repairs to a motor vehicle were debited in error to the motor vehicles account. How does this affect the profit for t…

The difference on a trial balance was entered in a suspense account. It was later found that the purchases returns jo…