A credit note for $2,000 is received by a business from a supplier. In which of the following of the business's books of prime entry would this be recorded?
A. The sales day book
B. The purchase day book
C. The purchase returns day book
D. The journal
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Which of the following statements about the purchase day book (PDB) is/are true?
A. i) true ii) true
B. i) true ii) false
C. i) false ii) true
D. i) false ii) false
A business sells 20 items with a list price of $10 each to a customer. The customer receives a trade discount of 5% and a settlement discount of 2% is offered for payment within 30 days, which the customer is expected to take up.How much should the business record in the sales day book for the sale?
A. $200
B. $190
C. $186.20
D. $196
Which of the following statements is true about a sales day book?
A. It is used to record amounts due to suppliers
B. It records cash and credit sales
C. It records credit sales
D. It records credit sales less amounts received by customers
Which of the following is/are shown on a statement of profit of loss?
A. i), ii), iii) and iv)
B. i) and ii)
C. ii) and iii)
D. iii) and iv)