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Yes
Because the entry deals with both cash and bank
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How do you pass journal entry for cash sales banked in?
Debit bankCredit sales revenue
What is a contra entry in the sales ledger control account?
A contra entry occurs when one business both buys goods from, and sells goods to, one other business. Rather than making a payment for the full amount owed, and receiving a payment for the full amount due, only the difference between the two amounts actually exchanges hands; this is known as contra accounting. The contra entry is shown as follows: The first business has a debit entry in the sales ledger and a credit entry in the purchases ledger to the second business. The smaller of the two accounts (the debtor account and the creditor account of the same trader) is taken and posted to the opposite side of each respective amount, so that there is a credit entry in the sales ledger and a debit entry in the purchases ledger. (The amount posted to both accounts is actually the contra.) This will effectively close the account with the smaller amount leaving the trader either a debtor or a creditor to the other business. The amount that the trader either still owes or is owed is the larger of the accounts minus the smaller transferred amount. It can happen, in very rare cases, that a contra closes both the credit and the debit account if both the amount owed and the amount owing are exactly the same size.
How do you do journal entry for Forecasting Sales?
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
Sales Discounts are known as?
contra-revenue account
What type of account is a sales discount?
A sales discount account is a contra-revenue account.
How do you pass journal entry for cash sales banked in?
Debit bankCredit sales revenue
What is a contra entry in the sales ledger control account?
A contra entry occurs when one business both buys goods from, and sells goods to, one other business. Rather than making a payment for the full amount owed, and receiving a payment for the full amount due, only the difference between the two amounts actually exchanges hands; this is known as contra accounting. The contra entry is shown as follows: The first business has a debit entry in the sales ledger and a credit entry in the purchases ledger to the second business. The smaller of the two accounts (the debtor account and the creditor account of the same trader) is taken and posted to the opposite side of each respective amount, so that there is a credit entry in the sales ledger and a debit entry in the purchases ledger. (The amount posted to both accounts is actually the contra.) This will effectively close the account with the smaller amount leaving the trader either a debtor or a creditor to the other business. The amount that the trader either still owes or is owed is the larger of the accounts minus the smaller transferred amount. It can happen, in very rare cases, that a contra closes both the credit and the debit account if both the amount owed and the amount owing are exactly the same size.
How do you do journal entry for Forecasting Sales?
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
Sales Discounts are known as?
contra-revenue account
What type of account is a sales discount?
A sales discount account is a contra-revenue account.
What kind of an account are sales return and allowances?
Sales Returns and Allowances is a contra income account.
Does sales returns and allowances have a normal debit balance?
That is correct. Sales and returns allowances is what is called a "Contra" account because it exists to reduce the net balance of an account. Sales is a credit account, so you debit sales returns and allowances in order to reduce your net sales.
Debit balance in the sales ledger set off against credit balances in the purchase ledger?
Its a contra settlement. for sales ledger control a/c ...we put contra settlement in the Cr side and in purchases ledger control a/c ..we put contra settlement in the Dr side
Is the Sales discount account a debit or credit?
Sales discount is subtracted from gross sales in arriving at net sales. It is a contra revenue account, so it is ALWAYS debit.
What is a normal balance account of a Sales discount?
Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.
What were the affects of the Iran Contra?
The U.S. governments illegal arms sales to Iran.
What happened to the profits from the sale of weapons made during the Iran-Contra scandal?
The profits from the arms sales were used to fund the Nicaraguan Contra Rebels.
