Osource Global Interview Questions, Process, and Tips

The entry of sales refers to the recording of sales transactions in the accounting system.

• Sales entry includes recording the date, customer name, product or service sold, quantity, unit price, and total amount.

• It is important to categorize sales correctly, such as distinguishing between cash sales and credit sales.

• Sales entries are typically recorded in the sales journal or general journal, and then posted to the appro...read more

The entry of bad debts is a financial transaction that records the amount of money owed by customers who are unlikely to pay.

• Bad debts are recorded as an expense in the income statement.

• The entry involves debiting the bad debt expense account and crediting the accounts receivable account.

• The amount of bad debts is typically estimated based on historical data or specific customer circumstances.

• Example: If a customer owe...read more