On 18 January 2021, SA Traders, a debtor of Africa Traders, did an electronic funds payment of R20 000 to Africa Traders to settle its account. Africa Traders is not a registered VAT vendor. Which account will be debited, and which account will be credited in the general ledger of Africa Traders? Select one: a. Debit the Bank account with R20 000, and credit the Sales account with R20 000. b. Debit the Sales account with R20 000, and credit the Bank account with R20 000. c. Debit the Bank account with R20 000, and credit the Trade receivables control account with R20 000. d. Debit the Trade receivables control account with R20 000, and credit the Bank account with R20 000.

On 18 January 2021, SA Traders, a debtor of Africa Traders, did an electronic funds payment of R20 000 to Africa Traders to settle its account. Africa Traders is not a registered VAT vendor. Which account will be debited, and which account will be credited in the general ledger of Africa Traders? Select one: a. Debit the Bank account with R20 000, and credit the Sales account with R20 000. b. Debit the Sales account with R20 000, and credit the Bank account with R20 000. c. Debit the Bank account with R20 000, and credit the Trade receivables control account with R20 000. d. Debit the Trade receivables control account with R20 000, and credit the Bank account with R20 000.

Business Its Legal Ethical & Global Environment

10th Edition

ISBN:9781305224414

Author:JENNINGS

Publisher:JENNINGS

Chapter7: International Law

Section: Chapter Questions

Problem 4QAP

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