A general store sells the following items:
■ Apples
■ Magazines
■ A freezer cabinet that is no longer required

■ Fish fingers
■ Caramel toffees.

Required

Identify the items that are sales.

A simple trading account compares the purchases and sales for a financial period. The difference between the two is the gross profit earned for the period.

The trading account is generally prepared to show the gross profit earned for a financial year. However, a trading account could be prepared for a week, a month, two months or 123 days.