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Use the following information to answer this question  Bayo issued a credit note to...

Accounts - Principles of Accounts
WAEC 2024

Use the following information to answer this question

Bayo issued a credit note to Ayo who returned defective goods. Each party maintains sales ledger control account and purchases ledger control account.  

Bayo will record this transaction on the    

  • A. debit side of the sales lodger control account.   
  • B. credit side of the sales ledger control account.   
  • C. debit side of the purchases ledger control account.   
  • D. credit side of the purchases ledger control account.  
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Correct Answer: Option B
Explanation

 Bayo is the seller, thus, the credit note issued against him- self will appear in the sales ledger control account against credit sales.

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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post UTME Past Questions Agent
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 127076