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please help me Question 1: Calculation of sales and purchases using control accounts Hint: In order to produce a set of accounts for a business,
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Question 1: Calculation of sales and purchases using control accounts Hint: In order to produce a set of accounts for a business, the total sales and purchases must be known. A business can often provide details of cash sales and purchases. In order to find the total credit sales and credit purchases, control accounts can be used. Elizabeth Berry provided the following information: At the beginning of the financial year debtors were 5,610. During the year receipts from debtors amounted to 69,630. At the end of the year debtors owed her 7,710. Find the total credit sales by constructing a control account. Hint: It is also possible to calculate credit sales without constructing a control account. Credit sales for the year = debtors at the end of year + receipts from debtors - debtors at the beginning of the yearStep by Step Solution
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