Tag: Discount Received

Accounting Multiple Choice Question – 17 February 2024

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What is the correct double entry for the posting of the discounts received column in the cash payments book / cashbook?

Select ONE answer:

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