The principles of recording sales transactions

The principles of recording sales transactions

understand the principles of recording sales transactions in accordance with accrual accounting (8.1)
LO2 understand the use of contra accounts for recording of doubtful debts (8.2, 8.3)
LO3 prepare journal entries for managing accounts receivable including increasing the allowance for doubtful debts
and writing off bad debts (8.3, 8.4)
LO4 demonstrate the financial statement impacts of doubtful debts and bad debts (8.3, 8.4)
LO5 calculate trade discounts for early payment of accounts receivable and payable and record appropriately (8.5)
LO6 understand the role of special journals, subsidiary ledgers and control accounts within the accounting recording
system (8.6–8.8, 8.10)
LO7 record transactions using special journals, subsidiary ledgers and control accounts

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