Answered step by step
Verified Expert Solution
Question
1 Approved Answer
GH Traders wrote off R1 750 which represented 20% of the amount owed by a debtor. The debtor settled the balance on her account by
GH Traders wrote off R1 750 which represented 20% of the amount owed by a debtor. The debtor settled the balance on her account by means of an electronic funds transfer. These transactions have not yet been recorded. Which of the following statements is correct in respect of the above transactions? A. The Bank account will be credited with R7 000 . B. The amount received from the debtor was R1 400. C. The debtor owed R8 750. D. The Debtors Control account will decrease by R7 000 . GH Traders wrote off R1 750 which represented 20% of the amount owed by a debtor. The debtor settled the balance on her account by means of an electronic funds transfer. These transactions have not yet been recorded. Which of the following statements is correct in respect of the above transactions? A. The Bank account will be credited with R7 000 . B. The amount received from the debtor was R1 400. C. The debtor owed R8 750. D. The Debtors Control account will decrease by R7 000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started