WAEC Accounting 2017 Objective — Question 8

8. Discount allowed on goods invoiced at GH¢100,000 was calculated at the rate of 20% instead of 10%. The error is corrected by debiting

• A. A. customer account with GH¢20,000; crediting discount allowed with GH¢20,000
• B. B. discount allowed with GH¢10,000; crediting customer's account with GH¢10,000
• C. C. customer's account with GH¢10,000; crediting discount allowed with GH¢10,000Correct
• D. D. discount allowed with GH¢20,000; crediting cash with GH¢10,000