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.
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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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.
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