Multiple Choice
Bruce is both a debtor and a creditor of Mayo Ltd. At the end of the period she owes Mayo Ltd $400 while Mayo Ltd owes her $1500. What is the correct journal entry to offset the amounts against each other?
A) Debit debtors $400; credit creditors $400
B) Debit debtors $1500; credit creditors $1500
C) Debit creditors $400; credit debtors $400
D) Debit creditors $1500; credit debtors $1500
Correct Answer:
Verified
Correct Answer:
Verified
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