5. What type of account is the income payable account?
a. Expense
b. Equity
c. Liability
6. A supplier returns goods to the business and a credit note is issued, what entry is made on the
creditor? (Account payable).
a. Credit
b. Debit
7. Goods are bought on credit for 300
a. Credit
b. Debit
8. A customer pay sales invoice for 500 in cash, what entry is made to the sales ledger? (Account
receivable) control?
a. Debit
b. Credit​