Credit Sales Flashcards
(9 cards)
Where is each invoice recorded?
The sales daybook and in the individual account of each receivable in the subsidiary receivables ledger
What is the entry required for each invoice?
Is a debit in each individual receivable account to indicate that this is the amount that each one owes to us
What happens at the end of the period for SBD.
The books is totalled and the total in entered into the receivables ledger control account in the general ledger
Where is each receipt of received payment recorded?
In the cash book and in the individual account of each receivable in the receivables ledger.
What is the entry for cash received in individuals account?
Is a credit entry to indicate that the customer no longer owes these amount, reducing the asset originally recognised
What happens at the end of the period following payments received?
The cash book is totalled and the total in entered into the receivables ledger control account in the general ledger
The invoices that are entered into the SDB and the bank payments received are..
Entered into the cash book
What are the totals from the SDB and the cash book are posted,.
To the RLCA
Where are the individual invoices are cash receipts from receivables posted?
To the subsidiary ledger
