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What is a control account? What is a purchase ledger control account? How do you reconcile a control account to the ledger? What are the benefits of control accounts?
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Financial Accounting › Control Accounts

What are the main entries in a sales ledger control account?

Intermediate

Answer

Debits: opening balance, credit sales, dishonoured cheques. Credits: cash/cheques received, discounts allowed, returns inwards, bad debts and contras.
Dr Opening + Credit Sales; Cr Receipts + Discounts + Returns
Real-world example Reconciling it monthly confirms the receivables ledger is accurate.
All 5 Control Accounts questions