What Is the General Ledger Posting from the Credit Sales

question 35

Multiple Choice

What is the general ledger posting from the credit sales journal?

• A) DR Sales, CR Accounts receivable
• B) DR Sales, CR GST payable, CR Cash
• C) DR Accounts receivable, CR Sales, CR GST payable
• D) DR Cash, DR GST payable, CR Accounts receivable

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Definitions:

Profit Margin

A financial metric indicating the percentage of revenue that exceeds the cost of goods sold, highlighting the efficiency of a company in managing its operations and costs.

Operating Expenses

Costs incurred during the normal operations of a business, excluding the cost of goods sold.

Sales

The transactions involving the exchange of goods or services for money, constituting the primary revenue source for most businesses.

Sales Discount

A reduction in the price of goods or services offered by a seller to a buyer, often to incentivize the purchase or prompt payment.