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WAEC Financial Accounting 2017 Question 27

Question 27

Control Accounts

Which of the following items will appear in the Total Creditors Account?

  1. A.Discount allowed
  2. B.Credit sales
  3. C.Discount received
  4. D.Cash purchases
Show the answer and explanation

Answer: C (Discount received)

Explanation

Discount received from suppliers reduces what is owed to them, so it is debited in the total creditors account.