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WAEC Financial Accounting 2003 Question 46

Question 46

Double Entry and the Ledger

Which of the following transactions is posted to the nominal ledger?

  1. A.Discounts allowed to customers
  2. B.Cash paid by a customer
  3. C.Purchase of fixed asset for cash
  4. D.Cash paid to suppliers.
Show the answer and explanation

Answer: A (Discounts allowed to customers)

Explanation

Discount allowed is an expense, posted to the nominal ledger.