Respuesta :
The payroll officer debited the Sales account rather than the Wages Expense account while recording the wages for the month. This mistake will lead to: exaggerated costs near the conclusion of the time period no impact on the period's profit c. An overestimation of the period's earnings Liabilities towards the conclusion of the period were underestimated by OD.
what is a sales account?
- Records of all sales transactions are kept in a sales account. Cash and credit sales are included in this.
- Following that, the account total is combined with the sales returns and allowances account to get the net sales amount that appears at the top of the income statement.
- A current client may also be included in the definition of a sales account. It is recognised as a sales account if sales are made to a customer.
- The Nominal Account for Sales is.
- Because the journal entry's opposite, which is often a debit to the cash or accounts receivable account, is a credit, sales are recorded as a credit. In essence, a debit raises one of the asset accounts, and a credit increases shareholders' equity.
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