Practice on Sales and Sales Related Transactions
For this activity, I got a perfect score of 14 out of 14. This was given to us as an assignment last week. In my opinion, this was easy compared to the previous activity. This is because there are less terms that I should worry about.
Other than that, the idea of sales is pretty much like purchases. It has Sales Returns and Allowances and the Sales itself. But then, there is a twist in this transactions and if I were not careful, I would have gotten it wrong. This is regarding the transaction in June 5. Instead of the usual cash, this transaction asks for cash in bank because it said that "The check is deposited in the business' bank account". It is the first time that I used Cash in Bank ever since I learned it back in Grade 9. Also, there is another notable thing that somehow confused me. It is the transaction in June 10, at first, I thought that the granted 10% discount would still be written in the journal entry. Good thing, I was able to recall our lesson regarding that where Sr. Randy said that those kind of discount are no longer needed to be put in the journal entry. Other than those things, I had a smooth time in doing this requirement. I am proud of myself because I was able to have a perfect score easily and without a hitch in this requirement. I think this is all thanks to me properly listening to the discussion of this topic. Which is why I should always carefully listen and absorb every speck of knowledge I could so that I could accomplish every requirement easily.
