State the correctness of the following statements pertaining control accounts

State the correctness of the following statements pertaining control accounts by indicating the answer in the space provided, using “YES” or “NO” options

  1. Cash received from customers cause a decrease in sales ledger control accounts____
  2. Returns inwards increase the receivable control account monetary value______
  3. Contra entry settlement affect the purchases ledger control account_______
  4. Cash purchases are credited in the total creditors control accounts_______
  5. Cash sales are debited in the total sales ledger control accounts_________
  6. Opening (minor) balance is recorded on the credit side of sales ledger control account as balance brought forward_______
  7. Closing (minor) balance is recorded on the credit side of sales ledger control accounts as balance brought forward_________
  8. Balance (main) carried down is recorded on the credit side of purchases ledger control account________
  9. Closing (minor) balance is recorded on the debit side of purchases ledger control accounts as balance brought forward_________
  10. Balance (main) carried down is recorded on the credit side of purchases ledger control account________

 

ANSWER IS!

  1. Cash received from customers cause a decrease in sales ledger control accounts YES_
  2. Returns inwards increase the monetary value of receivable control account NO
  3. Contra entry settlement affect the purchases ledger control account only  NO
  4. Cash purchases are credited in the total creditors control accounts NO
  5. Cash sales are debited in the total sales ledger control accounts NO
  6. Opening (minor) balance is recorded on the credit side of sales ledger control account as balance brought forward YES
  7. Closing (minor) balance is recorded on the credit side of sales ledger control accounts as balance brought forward NO
  8. Balance (main) carried down is recorded on the credit side of purchases ledger control account NO
  9. Closing (minor) balance is recorded on the debit side of purchases ledger control accounts as balance brought forward NO
  10. Balance (main) carried down is recorded on the credit side of sales ledger control account YES