LU1 Basics

On which side does a debtors (debtors control) account decrease

• Debit

• Credit

When the business issues a credit invoice to a customer, this indicates what?

Choose the correct option/s

• The customer purchased on credit

• the business made credit sales to the customer

• the customer returned goods bought on credit

• the customer bought trading inventory for cash

A bank statement is a source document for?

Choose the correct option/s

• EFT Payment

• Direct Deposit

• Interest paid or received

• Debit orders

On which side does a creditors (creditors control) increase

• Debit

• Credit

A duplicate credit note is used when and by who?

• To record returns made by a customer that previously bought on credit

• To record returns made by the business

• by the business

• by the cusomer

When does the business use an original credit invoice

• When the business bought on credit

• To record credit purchases

• To record credit sales

• To record merchandise sold on credit