The following credit sales for Edan enterprises took place during May 2020: May 1: Credit sales to Axel €800 May 2: Credit sales to Bisham €500 May 4: Credit sales to Cloe €400 May 5: Credit sales to N.Roben €700 May 7: Credit sales to S.Wijnelden €300 May 10: Credit sales to T. Hector €800 May 11: Credit sales to P. Sneijder €500 May 17 Credit sales to N.Roben €600 May 23: Credit sales to Cloe €1,000 May 30: Credit sales to Axel €900 Required: (a) Record the above transactions in a sales day book (b) Record the above transactions in the following ledger accounts: (i) Sales Ledger (ii)
The following credit sales for Edan enterprises took place during May 2020: May 1: Credit sales to Axel €800 May 2: Credit sales to Bisham €500 May 4: Credit sales to Cloe €400 May 5: Credit sales to N.Roben €700 May 7: Credit sales to S.Wijnelden €300 May 10: Credit sales to T. Hector €800 May 11: Credit sales to P. Sneijder €500 May 17 Credit sales to N.Roben €600 May 23: Credit sales to Cloe €1,000 May 30: Credit sales to Axel €900 Required: (a) Record the above transactions in a sales day book (b) Record the above transactions in the following ledger accounts: (i) Sales Ledger (ii)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
Section: Chapter Questions
Problem 47BE: Percentage of Credit Sales Method Ruby Red manufactures, markets, and distributes citrus flavored...
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The following credit sales for Edan enterprises took place during May 2020:
May 1: Credit sales to Axel €800 May 2: Credit sales to Bisham €500 May 4: Credit sales to Cloe €400 May 5: Credit sales to N.Roben €700
May
7: Credit sales to S.Wijnelden €300 May 10: Credit sales to T. Hector €800
May 11: Credit sales to P. Sneijder €500
May 17 Credit sales to N.Roben €600
May 23: Credit sales to Cloe €1,000 May 30: Credit sales to Axel €900
Required:
(a) Record the above transactions in a sales day book
(b) Record the above transactions in the following ledger accounts:
(i) Sales Ledger
(ii) Transfer the total to the sales account in the General ledger
(c ) You have recently been hired as a book-keeper of an SME (Small and medium size) enterprise. Using a case study company in an industry of your own choice:
Reflect how the case study company you have selected for purposes of this question the process of developing and maintaining books of original entry particulary with regard to Credit sales as documented in sales invoices.
(d) With reference to a sales daybook, write an advice to the company on how daybooks can be adopted in developing an’’ enterprise wise’’ accounting system which can lead to complete, accurate and structured accounting information to be shown in the end year financial statement
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