Goods Received: Debit Stock Credit Goods Received Invoice Received: Debit Goods Received Credit Trade Payables Result: Debit Stock (Asset) Credit Trade Payables (Liability)
a ledger account if made for credit sales.
Sales is a revenue account and has a credit balance as a normal balance.
A sales account is an account used for cash and credit sales for a specific period of time. It can also be an account that brings money from outside into a firm.
Any sales on account (aka credit sales) will increase accounts receivable by the same amount. The journal entry for this would be: Account Receivable (debit) Sales (revenue) (credit)
[Debit] Sales return [Credit] Cash /bank [Debit] Sales [Credit] Sales return
Account payable are a source of cash because when you increase your account payables, you are given credit on the assets you bought, which represent cash.
[Debit] Sales Return account [Credit] Cash account
Sales is a revenue account and all revenues has credit balance as default balance so sales also has credit as default balance while cash or accounts receivable will be debited against it.
[Debit] accounts receivable [Credit] Sales revenue
Sales revenue is a typical one. Dr. A/R Cr. Sales Revenue
1. Travelocity would credit their sales account and debit their cash account.