WAEC - Accounts Principles Of Accounts (2024 - No. 18)
Use the following information to answer this question
Bayo issued a credit note to Ayo who returned defective goods. Each party maintains sales ledger control account and purchases ledger control account.
Bayo will record this transaction on the
debit side of the sales lodger control account.
credit side of the sales ledger control account.
debit side of the purchases ledger control account.
credit side of the purchases ledger control account.
Explanation
Bayo is the seller, thus, the credit note issued against him- self will appear in the sales ledger control account against credit sales.
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