Debtors a/c Dr.
Discount expense a/c Dr.
To Sales a/c
debit accounts receivable
credit sales
debit accounts receivable 950credit Sales revenue 950
Debit Cash Credit Sales
It depends on the kind of discount and agreement that has been agreed upon in the sale transaction. Here is an example of a journal entry for discount for a normal credit sale transaction: Accounts receivable 9000 (dr) Discount from sale 500 (dr) Sales 9500 (cr)
Debit Cash $XXX Credit Sales $XXX
When recording a journal entry for a sales account, ensure that the sales are strictly done on credit terms.
Debit accounts receivableCredit sales revenue
Debit accounts receivableCredit sales revenue
debit accounts receivablecredit sales tax payablecredit sales discountcredit sales revenue
cash a/c.......dr amt(after discount) to sales a/c amt(after discount)
Sales(debit) and income summary (credit)
debit accounts receivable 950credit Sales revenue 950
Debit Cash Credit Sales
Debit Cash $XXX Credit Sales $XXX
[Debit] sales return [credit] cash / bank
It depends on the kind of discount and agreement that has been agreed upon in the sale transaction. Here is an example of a journal entry for discount for a normal credit sale transaction: Accounts receivable 9000 (dr) Discount from sale 500 (dr) Sales 9500 (cr)
When recording a journal entry for a sales account, ensure that the sales are strictly done on credit terms.
[Debit] Sales Return account [Credit] Cash account