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WAEC Financial Accounting 2007 Question 23

Question 23

Control Accounts

Opening balance N1,894 Dr
Cheques received from customers N7,284
Cash received from customers N1,236
Returns from customers N296
Closing balance N3,368 Dr
Credit sales for the period is

  1. A.N14,078
  2. B.N10,290
  3. C.N8,520
  4. D.N3,554
Show the answer and explanation

Answer: B (N10,290)

Explanation

3,368 + 7,284 + 1,236 + 296 − 1,894 = N10,290.