On 13 November 2020, Africa Traders received an electronic funds transfer payment of R7 000 from SA Investors, for commission income. Africa Traders is not a registered VAT vendor. Which account will be debited, and which account will be credited in the general ledger of Africa Traders?

On 13 November 2020, Africa Traders received an electronic funds transfer payment of R7 000 from SA Investors, for commission income. Africa Traders is not a registered VAT vendor. Which account will be debited, and which account will be credited in the general ledger of Africa Traders?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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