If A Company Fails To Record A Sales On Account
If a compa ny fails to record a Credit Sales or Sales On Account , t he n due to non recording of credit sales on Income Statement or Trading Account , Gross Income or Gross Profit will b e decreased a nd as a result, net Income or net Profit will also b e u nderstated. T he jour nal entry to record credit sales or sales on account is s how n b elow: Accou nts Receivab le a/c XXX Sales a/c XXX (Credit Sales Recorded f...