Which of the following item is found on the credit side of the sales ledger control account?

Assessment: JAMB UTME - Principles of Accounts - 2005 Subject: Financial Accounting

Question 1 Report

Which of the following item is found on the credit side of the sales ledger control account?
Answer Details
Credit sales would be found on the credit side of the sales ledger control account. The sales ledger control account is used to track the total amount of credit sales made during a given period. Since credit sales are sales that are made on credit, the amount owed by customers for those sales would be recorded on the debit side of the sales ledger control account. Conversely, the total amount of credit sales made would be recorded on the credit side of the sales ledger control account. Therefore, credit sales is the correct option in this question.
Read lesson note on Control Accounts And Self-balancing Ledgers (JAMB)
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