Hi when it says "Contra against purchase ledger", it means it can be registered on both Sales and Purchase ledger accounts? or only Sales? What about if says "Sales in balance set off against purchase ledger "? Thanks
Hi when it says "Contra against purchase ledger", it means it can be registered on both Sales and Purchase ledger accounts? or only Sales? What about if says "Sales in balance set off against purchase ledger "? Thanks
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 24MC: You just posted a credit to Accounts Receivable. Which special journal did it come from? A. sales...
Related questions
Question
Hi when it says "Contra against purchase ledger", it means it can be registered on both Sales and Purchase ledger accounts? or only Sales?
What about if says "Sales in balance set off against purchase ledger "?
Thanks
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,