The following totals were shown in the discount columns of a business's cash book. What entries should

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The following totals were shown in the discount columns of a business's cash book.

What entries should be made in the general ledger?

A. Debit discounts allowed $450 Credit discounts received $610

B. Debit discounts allowed $610 Credit discounts received $450

C. Debit discounts received $450 Credit discounts allowed $610

D. Debit discounts received $610 Credit discounts allowed $450

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Accounting For Cambridge International AS And A Level

ISBN: 9780198399711

1st Edition

Authors: Jacqueline Halls Bryan, Peter Hailstone

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Question Posted: Sep 15, 2021 04:33 AM

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The following totals were shown in the discount columns of a business's cash book. What entries should

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Dr CASH BOOK Cr Discounts Cash Bank Discounts Cash Bank 610 450

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ANSWER The total amount of discounts is higher in the credit column of the ...View the full answer

Accounting For Cambridge International AS And A Level

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