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Why are cash sales not recorded in the sales ledger control account?
a ledger account if made for credit sales.
There are two types of control account what are they?
sales ledger control account and purnchase ledger control account
Is Cash Discount received on cash sales?
Cash discounts are received on cash sales. The seller or provider often refers to the cash discount as a sales discount.
What is sales ledger control account?
Sales control account is a summary of transactions relating to the debtors balance.the debtors ledger account is debited when there is an increase of the debtors balance and credited when there is a reduction of the debtors balance
Where does sales discount go on an income statement?
does discount allowed and discount received go into the income statement or balance sheet?
How do one treat 'discount received' in the sales ledger?
To input "discounts received" in the sales ledger, it must be put on the credit side. Also on the credit side would be an item?æsuch as payments made from customers.
Why are cash sales not recorded in the sales ledger control account?
a ledger account if made for credit sales.
There are two types of control account what are they?
sales ledger control account and purnchase ledger control account
Is Cash Discount received on cash sales?
Cash discounts are received on cash sales. The seller or provider often refers to the cash discount as a sales discount.
Debit balance in the sales ledger set off against credit balances in the purchase ledger?
Its a contra settlement. for sales ledger control a/c ...we put contra settlement in the Cr side and in purchases ledger control a/c ..we put contra settlement in the Dr side
What is sales ledger control account?
Sales control account is a summary of transactions relating to the debtors balance.the debtors ledger account is debited when there is an increase of the debtors balance and credited when there is a reduction of the debtors balance
How are percents used in advertising and sales?
Discount allowed/ received
Where does sales discount go on an income statement?
does discount allowed and discount received go into the income statement or balance sheet?
What are the direct incomes?
Rent Received Commission Received Scrap Sales Discount on Purchase Interest Received
What is control account control account?
A control account is a summary of the individual accounts in the subsidiary ledger(purchases or sales ledger) :)
Is a control account part of the double entry system?
Yes. The balancing entry is passed in the self balancing ledger.For e.g. an increase in debtors due to sales will have the following entry passed- Debtors Ledger Adjustment a/c[In the general ledger] dr. To Sales a/c General Ledger Adjustment a/c[In the Debtors Ledger] dr. To Debtors Ledger Adjustment a/c[In The general Ledger]
Which ledger account is affected by an overcast inward journal?
sales ledger
