Accounting Multiple Choice Question – 20 February 2024

What is the correct double entry for discounts allowed?

Select ONE answer:

1. Debit Discounts allowed & Bank, Credit Receivables
2. Debit Discounts allowed & Bank, Credit Payables
3. Debit Receivables, Credit Discounts allowed & Bank
4. Debit Payables, Credit Discounts allowed & Bank

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 1

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

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