Accounting Multiple Choice Question – 14 February 2024

The double entry to record a settlement or cash discount granted by a supplier is?

Select ONE answer:

1. Debit Payables, Credit Discounts allowed
2. Debit Payables, Credit Discounts received
3. Debit Discounts received, Credit Payables
4. Debit Discounts allowed, Credit Payables

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 2

1. Not correct
2. Correct
3. Not correct
4. Not correct

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