Final Exam - Computer Financial Record Keeping
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Detailed information about the transactions with credit customers and the balances owed by such customers is provided by
an accounts receivable ledger.
The Sales Returns and Allowances account is classified as
contra revenue account.
At the end of the month, after the equality of the debits and credits recorded in the sales journal is proved by comparing the column totals, the summary posting from the sales journal would include a
debit to Accounts Receivable, a credit to Sales Tax Payable, and a credit to Sales.
If special journals are in use, sales returns and allowances from credit customers may be entered in the
general journal
A firm that sells goods that it purchases for re-sale is a
merchandising business.
