Accounting · Journal Entries

Which of the following journal entries correctly records a contra between the trade receivables and trade payables ledger, and also records a refund paid to a credit customer who had a credit balance on their account?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1Debit: Bank, Receivables Ledger Control Account | Credit: Receivables Ledger Control Account, Payables Ledger Control Account
2Debit: Payables Ledger Control Account, Receivables Ledger Control Account | Credit: Receivables Ledger Control Account, Bank✓
3Debit: Receivables Ledger Control Account, Payables Ledger Control Account | Credit: Bank, Bank
4Debit: Payables Ledger Control Account, Bank | Credit: Receivables Ledger Control Account, Receivables Ledger Control Account

Correct answer

Debit: Payables Ledger Control Account, Receivables Ledger Control Account | Credit: Receivables Ledger Control Account, Bank

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Which of the following journal entries correctly records a contra between the trade receivables and trade payables ledger, and also records a refund paid to a credit customer who had a credit balance on their account?

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Which of the following journal entries correctly records a contra between the trade receivables and trade payables ledger, and also records a refund paid to a credit customer who had a credit balance on their account?

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