1.10 N Minajo received an electronic funds transfer (EFT) of R4 500 from A Grand, a debtor, in full settlement of her account of R5 000. Both Minajo and Grand are not registered as VAT vendors. Which of the following is the correct option to record the receipt in the accounting records of N Minajo? A)Debit bank account (R5 000). credit debtors' control (R4 500), and credit settlement discount granted account (R500). B)Debit bank account (R4 500), credit debtors control (R5 000), and debit settlement discount received account (R500). C)Debit debtors' control (R5 000),

1.10 N Minajo received an electronic funds transfer (EFT) of R4 500 from A Grand, a debtor, in full settlement of her account of R5 000. Both Minajo and Grand are not registered as VAT vendors. Which of the following is the correct option to record the receipt in the accounting records of N Minajo? A)Debit bank account (R5 000). credit debtors' control (R4 500), and credit settlement discount granted account (R500). B)Debit bank account (R4 500), credit debtors control (R5 000), and debit settlement discount received account (R500). C)Debit debtors' control (R5 000),

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 5.21E

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1.10 N Minajo received an electronic funds transfer (EFT) of R4 500 from A Grand, a
debtor, in full settlement of her account of R5 000. Both Minajo and Grand are not
registered as VAT vendors. Which of the following is the correct option to record the
receipt in the accounting records of N Minajo?
A)Debit bank account (R5 000). credit debtors' control (R4 500), and credit
settlement discount granted account (R500).
B)Debit bank account (R4 500), credit debtors control (R5 000), and debit settlement
discount received account (R500).
C)Debit debtors' control (R5 000), credit bank account (R 4 500), and credit
settlement discount received account (R500).
D)Debit bank account (R4 500). credit debtors' control account (R5 000),
and debit settlement discount granted account (R500).