Categories: Accounting WAEC

A debit balance of N420 on the purchases ledger control account means that the?

A. trade creditors were overpaid by N420
B. trade creditors are owed N420
C. goods returned to trade creditors amounted to N420
D. total supplies from trade creditors amounted to N420

Correct Answer:

Option A – trade creditors were overpaid by N420

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