1.5 In the general the “Details"column is used for: (a) The name of the debtor; (b) The name of the creditor; (c) The name of the contra account where applicable; (d) The name of the owner. Q.1.6 Sold goods on credit to Debtor A Jones for R15 000 (VAT exclusive) less 7.5% trade discount. Which amount will be posted to the sales account? (a) R15 000; (b) R13 875; (c) R12 509; (d) R7 500. Q.1.7 Which one of the following source documents will be used to make an entry in the debtors allowance journal ? (a) Original credit note; (b) Original credit invoice; (c) Duplicate credit invoice; (d) Duplicate credit note.

1.5 In the general the “Details"column is used for: (a) The name of the debtor; (b) The name of the creditor; (c) The name of the contra account where applicable; (d) The name of the owner. Q.1.6 Sold goods on credit to Debtor A Jones for R15 000 (VAT exclusive) less 7.5% trade discount. Which amount will be posted to the sales account? (a) R15 000; (b) R13 875; (c) R12 509; (d) R7 500. Q.1.7 Which one of the following source documents will be used to make an entry in the debtors allowance journal ? (a) Original credit note; (b) Original credit invoice; (c) Duplicate credit invoice; (d) Duplicate credit note.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 17Q: A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300....

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