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sales account is the account which contain all the information about sales transaction. it is prepared from journal entries. it shows the balance of the
sales account while it is debit or credit.
account sales is a statement. it is send by the consignee to the consignor.
it contains detail about total sale, price, expenses incurred and the commission earned.
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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
Which ledger account is affected by an overcast inward journal?
sales ledger
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
What is the difference between sales account and account sale?
when revenue is earned from charge-account sales, the accountant debits __________ and credits___________
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
Which ledger account is affected by an overcast inward journal?
sales ledger
What is the difference between sales account and account sales?
when revenue is earned from charge-account sales, the accountant debits __________ and credits___________
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
What is the difference between sales account and account sale?
when revenue is earned from charge-account sales, the accountant debits __________ and credits___________
What is The difference between a sales account and vendor account?
sales account is nothing but the sales made to any person in the organisation. vendor account is defined as the products which is assigned to the vendor to move to the another location.
What is control account control account?
A control account is a summary of the individual accounts in the subsidiary ledger(purchases or sales ledger) :)
What you meant by Self balancing system?
when separate ledgers are maintained for trade debtors and trade creditors ,the debit and credit aspect of certain transactions will note appear in the same ledger Eg: in case of credit sales ,the credit aspect (Sales account) will appear in general ledger whereas the debit aspect (personal account of debtor)will appear in debtors ledger .Take another Eg.like cash discount allowed by a creditor .The credit aspect (personal account of the creditor )will appear in creditors ledger .Thus no ledger is self balancing and it is not possible to prepare a separate trial balance for each ledger .Hence in ,in order to make each ledger self -balancing it is necessary that the corresponding debit and credit aspects are fully "adjustment accounts " in each ledger . the adjustment account helps in completing the double entry in each ledger and making it self balancing . The adjustment account opens in various ledgers are; 1 ) general ledger adjustment account(in debtors ledger) 2 ) general ledger adjustment account(in creditors ledger) 3 ) debtors ledger adjustment account (in general ledger) 4 ) creditors ledger adjustment account (in general 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]
What is the difference between a purchase on account and a sale on account?
Purchase on account means purchases from vendors on credit while sales on account means selling to customers on credit.
What is the general ledger journal entry issue an invoice on sale of account?
Debit accounts receivableCredit sales revenue
