No, Sales, as a Revenue Account of the Income Statement, is a temporary account, which should not appear on the post-closing trial balance.
Drawings Account is a Temporary Account
a. inventory
Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.
permanent account
No, Sales, as a Revenue Account of the Income Statement, is a temporary account, which should not appear on the post-closing trial balance.
Drawings Account is a Temporary Account
a. inventory
TEMPORARY ACCOUNT
Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.
Dividend is a temporary account at it is closed the retained earnings account at the end of fiscal year.
i
permanent account
No, Sales is not permanent account as sales are closed to profit and loss account at the end of fiscal year.
when revenue is earned from charge-account sales, the accountant debits __________ and credits___________
A sales discount account is a contra-revenue account.
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.