O-LevelAccountingSources and recording of data7707/11 · Oct/Nov 2011 · Q71 Mark

Melissa transferred $5000 from the bank deposit account to the bank current account on 1 May. On the same day she received a bank loan, $10 000, which she paid into the bank current account. How will Melissa record these transactions?

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Abank loan account credited, bank deposit account debited

Bbank deposit account debited, bank current account debited

Cbank loan account debited, bank current account credited

Dbank loan account debited, bank deposit account credited, bank current account debited

✓ Correct answer

D: bank loan account debited, bank deposit account credited, bank current account debited

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Topic: Sources and recording of data, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2011 Paper 1 Variant 1, question 7.

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