Accounting_Module 7_Grade 10

A debtor is...

• Someone who purchased cash from me

• Someone who purchased from me on credit

• Someone who has made an EFT to my account

• Someone from whom I purchased on credit

When I return goods to a creditor, a(n) ......... is issued

• Debit note

• Receipt

• Credit note

• Invoice

The first place of entering a debtor transaction.

• Receipt

• CRJ

• DJ

• DAJ

Where payments from debtors are recorded

• DAJ

• CPJ

• GJ

• CRJ

Khumalo Clothing has a mark-up on cost price of 75%.He sold goods with a cost price of R1000 on credit to Billy Bonkers.

• DJ

  Sales R 1 750

  Cost of Sales

  R1 000

• DAJ

  Sales R 1 750

  Cost of Sales

  R1 000

• CRJ

  Sales R 1 750

  Cost of Sales

  R1 000

• GJ

  Sales R 1 750

  Cost of Sales

  R1 000

Billy Bonkers returned goods previously purchased on credit. We will issue a(n)

• Invoice

• Credit Note

• Debit Note

• Receipt

Billy Bonkers has settled his outstanding account of R2 000 with an EFT payment of R1 700. The entry:

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