A creditor's ledger calculates the total value owed by the debtor
Accounting - Grade 11 - Lesson 7 Creditors Reconciliation

Quiz
•
Specialty
•
11th Grade
•
Hard

Woodridge Connect
Used 4+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
True
False
2.
FILL IN THE BLANK QUESTION
5 mins • 1 pt
A debtor receives a/an _____ stating the amount owed to the creditor after a credit purchase.
3.
FILL IN THE BLANK QUESTION
5 mins • 1 pt
A debtor returns trading stock to a supplier. The creditor will issue a/an _____ as evidence that the credit sale was reversed.
4.
FILL IN THE BLANK QUESTION
5 mins • 1 pt
After a debtor returns trading stock and the creditor has reversed the sale, a/an _____ will be issued to the creditor as evidence that the purchase was reversed.
5.
MATCH QUESTION
15 mins • 1 pt
Match the source document with it's corresponding effect on the books of the business.
Creditors Increase
Invoice Received
Debtors Decrease
Credit Note
Debtors Increase
Debit note
Creditors Decrease
Invoice Issued
6.
MATCH QUESTION
15 mins • 1 pt
Match the ledger entries to the correct credit transaction.
Sold trading stock on credit to a debtor
Dr. Trading Stock
Cr. Creditors' Control
Goods purchased on credit from a supplier
Dr. Bank
Cr. Debtors Control
Trading stock bought on credit returned to supplier
Dr. Creditors' Control
Cr. Trading Stock
Received value owed from credit sales
Dr. Creditors' Control
Cr. Bank
Paid creditor value owed
Dr. Debtors' Control
Cr. Sales
Dr. Cost of Sales
Cr. Trading Stock
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
You are given the creditors ledger of ABC Traders in the books of the debtor, XYZ Traders.
Calculate the value owed to ABC Traders.
17882
55382
28562
16558
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