ACCA FA · Chapter 4 · Question 8 of 10
How is the total of the net sales column of the sales day book posted to the general ledger?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) Credit Revenue, with the gross total debited to the receivables control account
Explanation
The sales day book lists credit sales invoices. Periodically the net total is credited to revenue, the sales tax total is credited to the sales tax account, and the gross total is debited to the receivables control account, because customers now owe that amount.
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