Sales on Account Practice

Skylar·

Accounting

Preview

At a Glance

Grade Level10th Grade

SubjectAccounting

Original Prompt

Create a worksheet for high school accounting students to practice concepts taught from this slideshow The following is a summary of a document named d480b20e-48a1-4bbd-b6bd-e59923e80fe7%2Fuser_uploads%2FY_xUXJbaaGV0zClp2nRCS?alt=media&token=fa2ccfc6-8c69-4334-bab6-01b3f9ab1dfa: Lesson 10-1 of Gilbertson's "Century 21 Accounting General Journal" covers the key aspects of accounting for sales made on account, focusing on the relationship between accounts receivable ledgers and controlling accou...

This resource covers the concepts and procedures related to sales on account and the sales journal. It introduces key vocabulary including terms like 'Selling Price', 'Markup', 'Accounts Receivable Ledger', 'Sales Journal', and 'Sales Tax'. The document explains how to record sales transactions involving merchandise on account through worked examples. It includes a step-by-step approach to calculating sales tax and determining accounts receivable, followed by practical scenarios that engage learners in applying these concepts through journal entries. Additionally, it offers independent practice exercises, error analysis, and reflective questions to deepen understanding of the connections between accounts receivable subsidiary ledgers and controlling accounts.