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SYDNEY TUTORING ACADEMY
SEMESTER II 2023
FAC 1501 ASSESSMENT 1
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, Question 1
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Marked out of 2.00




On 30 December 2021, Africa Traders did an electronic funds transfer payment of
R18 750 to SA Bank, for the interest on the loan. 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. Dr Interest expense Cr
2021 R 2021 R
Dec Dec 30 Bank 18 750


Dr Bank Cr
2021 2021 R
Dec 30 Interest expense 18 750 Dec




b. Dr Interest expense Cr
2021 R 2021 R
Dec Dec 30 Trade payables 18 750



Dr Trade payables Cr
2021 2021 R
Dec 30 Interest expense 18 750 Dec




c. Dr Interest expense Cr
2021 R 2021 R
Dec 30 Bank 18 750 Dec



Dr Bank Cr
2021 2021 R
Dec Dec 30 Interest expense 18 750




d. Dr Interest expense Cr
2021 R 2021 R
Dec 30 Trade payables 18 750 Dec


Dr Trade payables Cr
2021 2021 R
Dec Dec 30 Interest expense 18 750




Clear my choice