Accounting for IGCSE & O level - Accounting Procedures (Section 17 - No. 14)
A company had opening balance of $10,000 in the Sales Ledger Control Account. During the month, it made credit sales worth $50,000, received cash from customers worth $40,000, and issued credit notes for $2,000. What is the closing balance of the Sales Ledger Control Account?
$18,000 (Debit)
$18,000 (Credit)
$78,000 (Debit)
$78,000 (Credit)
Explanation
Opening balance $10,000 + sales $50,000 - cash received $40,000 - credit notes $2,000.
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