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Is sales always credit balance?
Yes, and purchases are always debit.
What is difference between sales book and purchase book?
A sales book is for recording sales (money you receive) a purchase book is for recording your purchases (money you pay).
What was the historical difference between consumer finance companies and sales finance companies?
The consumer finance companies has been servicing credit since 1916. The sales finance companies has been in since 1940.
What is the difference between consumer finance and and sales finance companies?
Consumer finance companies primarily focus on providing loans and credit to individual consumers for personal use, such as auto loans, personal loans, or credit cards. In contrast, sales finance companies specialize in providing financing options to consumers for specific purchases, often in partnership with retailers or manufacturers, enabling customers to buy goods or services through installment plans. While both types of companies deal with consumer credit, their core functions and target markets differ significantly.
What is the difference between hire purchase and installment sales?
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What is the difference between a purchase on account and a sale on account?
Purchase on account means purchases from vendors on credit while sales on account means selling to customers on credit.
What is the difference between credit sales and accounts payable?
Credit sales referes to sales and accounts payable referes to bank
Explain the difference between a cash and credit transaction for purchass and sales?
explain the difference between cash and credit transaction
What is purchases journal is used for recording?
credit sales
If Sales is 8000 and Purchase is 4000 then what does it mean that 60 percent Sales and Purchases are for cash?
It means that 60% of sales and purchases are done on cash basis while 40% of purchases and sales are done on credit basis.
What is the journal entry for purchase on credit and sales on cash?
Debit: Purchases Credit: Accounts Payable Debit: Cash Credit: Sales
Is sales always credit balance?
Yes, and purchases are always debit.
'What is the difference between sales forecast and sales plan?
Roughly, a Sales Plan is your strategie for achieving sales (purchases). A Sales forecast is an estimate at the beginning of a time period of how much one expects to sell.
What is the difference between 18 percent charged on sales and 18 percent charged on purchases?
For retailers, it is 18% on their mark-up.
What is the difference between sales and cash sales?
In cash sales, payments are made instantly by the buyer/customer to the seller, where as in credit sales, the payments are generally made after a specific period as agreed upon between the buyer and the seller.
When merchandise is returned for a refund or for credit to be applied to other purchases the situation is called?
sales return
What is the difference for account receivable and accounts payable?
When company make sales in credit it creates the accounts receivable while when company purchases on credit it creates the accounts payable so accounts receivable is current asset while accounts payable is current liability.
