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WAEC Financial Accounting 1998 Question 23

Question 23

Source Documents

Uche returned goods worth N1,500 to Udo. Uche should receive

  1. A.an invoice
  2. B.a statement of account
  3. C.a debit note
  4. D.a credit note
  5. E.goods received note.
Show the answer and explanation

Answer: D (a credit note)

Explanation

The seller (Udo) sends a credit note to the buyer to show the buyer's account has been credited for the returns.