Match each transaction or accounting event relating to sales and sales returns with its correct book of original entry or ledger accounting treatment.
- Sale of trading inventory on credit to a customer after deducting a 10% trade discountEntered in the Sales Journal using the net amount after trade discount based on a copy of the sales invoice
- Return of damaged goods previously sold to a customer on creditEntered in the Sales Returns Journal based on a copy of the credit note issued to the customer
- Sale of obsolete office equipment on credit to an equipment dealerRecorded in the General Journal (Journal Proper) because it involves a non-current capital asset
- End-of-period total of the Returns Inward Day Book posted to the General LedgerDebited to the Sales Returns (Returns Inward) Account in the General Ledger
Cevap
Credit sales of trading goods match the Sales Journal (net of trade discount). Goods returned by credit customers match the Sales Returns Journal (supported by a credit note). Credit sales of fixed assets match the General Journal. The periodic total of the Sales Returns Journal is debited to the Sales Returns Account in the General Ledger.
Each item matches its corresponding accounting rule: credit inventory sales net of trade discount belong in the Sales Journal; customer returns supported by credit notes belong in the Sales Returns Journal; credit sales of non-current assets belong in the General Journal; and the periodic total of sales returns is debited to the Sales Returns Account in the General Ledger.
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Anahtar Kavram
Classification of credit transactions between Sales Journal, Sales Returns Journal, General Journal, and General Ledger double entry rules.
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