BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Explanation: The sales account is used to record all sales, including cash sales and on account sales. On account sales occur when a company sells products to customers and allows them to pay cash at a later date.

Detailed explanation-2: -Sales Account is a revenue account because it is the turnover of the business.

Detailed explanation-3: -Also referred to as revenue, they are reported directly on the income statement as Sales or Net sales. In financial ratios that use income statement sales values, “sales” refers to net sales, not gross sales. Sales are the unique transactions that occur in professional selling or during marketing initiatives.

Detailed explanation-4: -January 09, 2023. A sales account contains the record of all sales transactions. This includes both cash sales and credit sales. The account total is then paired with the sales returns and allowances account to derive the net sales figure that is listed at the top of the income statement.