Accounting for sales and sales returns is a key part of the free bookkeeping course 1 and Accounting Trainees and Bookkeepers must know the double entry involved.
You are part way through the FREE BOOKKEEPING COURSE 1 and you should have read the pages listed below before reading this page:
-Free Bookkeeping Course 1
-Introduction to the Accounting System
-Financial Documents for Sales
Welcome to accounting for sales and sales returns.
We are now going to look at accounting for sales and sales returns.
The most important part of this chapter is that you know how to make correct entries in the following books and accounts:
Sales Day Book
Sales Returns Day Book
Analysed Sales Day Books
It is essential that you know how accounting for sales and sales returns fits into the overall accounting system, and you should commit to memory the flow charts on pages 60 and 61 of the textbook.
More terminology is introduced in this chapter on accounting for sales and sales returns, such as capital income and revenue income. Classification of income is very popular with Accounting examiners, so expect a question on it in the exam.
We are also introduced to double entry bookkeeping and the use of debits and credits in this chapter. Have a go at the quiz below and test your knowledge of accounting for sales and sales returns.
Here is the Amazon link for the books:
QUIZ: Accounting for Sales and Sales Returns
Leaderboard for Accounting for Sales and Sales Returns1. -42 Points
2. -42 Points
3. -42 Points
4. -42 Points
5. MIH01-42 Points