The periodic total of sales day book is posted to___________?
Correct answer: A. Sales A/c
- A. Sales A/c
- B. Cash sales A/c
- C. Sales return A/c
- D. Credit sales A/c
Explanation
The Sales Day Book records credit sales, and its periodic total is posted as one credit to Sales Account. The individual customer accounts are debited separately, while cash sales are recorded in the cash book.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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