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Question 2 . 1 [ 1 5 marks, 8 minutes ] You are provided with the Creditor's Control account in the General Ledger of Essence
Question marks, minutes You are provided with the Creditor's Control account in the General Ledger of Essence Traders. They have a policy of paying their creditors as soon as possible, even if they receive days credit. Study the account and answer the questions below. General Ledger for Essence Creditors Control Account Enter the missing details ac on your answer sheet as a c Which source documents will support the entry of R on the Credit side. Name one possible reason for the Journal Credits of R on the Credit side. The creditor allowed a R discount to Lessing Traders for early settlement. How much was really paid to the creditor? Lessing Traders are not happy with the quality of products they are purchasing from the Creditors. Explain this and quote one figure that supports this. The creditors are paid too early. Explain how you can know this by quoting one figure that supports this statement.
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marks, minutes
You are provided with the Creditor's Control account in the General Ledger
of Essence Traders. They have a policy of paying their creditors as soon as
possible, even if they receive days credit. Study the account and answer
the questions below.
General Ledger for Essence
Creditors Control Account
Enter the missing details ac on your answer sheet as
a c
Which source documents will support the entry of R on the
Credit side.
Name one possible reason for the Journal Credits of R on the
Credit side.
The creditor allowed a R discount to Lessing Traders for early
settlement. How much was really paid to the creditor?
Lessing Traders are not happy with the quality of products they are
purchasing from the Creditors. Explain this and quote one figure
that supports this.
The creditors are paid too early. Explain how you can know this by
quoting one figure that supports this statement.
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