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Where does sales discount go on an income statement?
does discount allowed and discount received go into the income statement or balance sheet?
Where does accounts receivable go balance sheet or income statement?
Accounts receivables are on the balance sheet. They are an asset of the firm, that is they represent a future economic benefit. The income statement holds the revenues and expenses of the business.It goes to the Balance sheet (Debtors) under Current Assets. What goes into income statement is Sales (both cash and credit). DR Debtors CR Sales. Debtor goes to B.S and Sales goes to P&L
Does gain on sale of equipment appear on a balance sheet?
yes in the credit side of the balace sheet as By Assets Sales
Do expenses go on a balance sheet?
no
What is the journal entry for credit sales?
Accounts-receivable@ Sales(sales being in your Results and accounts-receivable in your balance sheet)
Where does sales tax payable on the balance sheet go?
Sales tax payable is a current liability and is presented on the credit side of the balance sheet-
Is sales included in balance sheet?
sales are part of income statement and not shown in balance sheet.
Where does sales commission payable go on the multiple step income statement?
Sales commission payable is not part of income statement and it is shown in balance sheet as current liability in liability side of balance sheet.
What are the three sections of a balance sheet?
the sections of a balance sheet is the expense, revenues, and the sales.
Where does sales discount go on an income statement?
does discount allowed and discount received go into the income statement or balance sheet?
Why there is an increase in receivable in a balance sheet?
Due to increased credit sales there is a chance of increase of accounts receivable in balance sheet.
Does investment revenue go on balance sheet or income statement?
consulting revenue will go to income statement in case if the firms main business is consultancy then sales otherwise will go under other income.
Where does accounts receivable go balance sheet or income statement?
Accounts receivables are on the balance sheet. They are an asset of the firm, that is they represent a future economic benefit. The income statement holds the revenues and expenses of the business.It goes to the Balance sheet (Debtors) under Current Assets. What goes into income statement is Sales (both cash and credit). DR Debtors CR Sales. Debtor goes to B.S and Sales goes to P&L
What classification of accounts are shown in the balance sheet of a worksheet?
sales and expenses
Where do fix assets go on a balance sheet?
they fall in the first column of a balance sheet
Where do fixed assets go on balance sheet?
they fall in the first column of a balance sheet
Does gain on sale of equipment appear on a balance sheet?
yes in the credit side of the balace sheet as By Assets Sales
