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WAEC Financial Accounting 2018 Question 3

Question 3

Trial Balance

Which of the following items is found on the debit side of a trial balance?

  1. A.Provision for doubtful debts
  2. B.Discount allowed
  3. C.Discount received
  4. D.Returns outwards
Show the answer and explanation

Answer: B (Discount allowed)

Explanation

Discount allowed is an expense with a debit balance; the other three have credit balances.