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Journal entry for credit sale with discount and tax?

Anonymous

∙ 10y ago

Updated: 8/17/2019

debit accounts receivable
credit sales tax payable
credit sales discount
credit sales revenue

Wiki User

∙ 10y ago

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Related Questions

What journal entry is used to record purchase discounts?

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)

What is the journal entry to show a credit sale for 1000 with a 5 percent concession discount?

debit accounts receivable 950credit Sales revenue 950

What is the Journal entry for sale on credit?

Debit accounts receivable xxxx credit sales revenue xxxx

What needs to happen when recording a journal entry for a sale account?

When recording a journal entry for a sales account, ensure that the sales are strictly done on credit terms.

What is the Journal entry for loss on sale of equipment?

[Debit] Loss on sale of equipment xxxx [Credit] Asset account xxxx

What journal entry do you use for a sale when a credit card is used?

Debit bankCredit sales revenue

Journal entry of sale return?

[Debit] Sales Return [Credit] Accounts receivable / Cash

How do you record journal entry of SALE land on credit?

debit accounts receivablecredit land account

What is the journal entry to record sale of donated assets?

[Debit] Cash / bank xxxx [Credit] Sale of donated asset xxxx

How do you record adjusting journal entry for credit sale?

Type your answer here... party a/c Dr. to sales

What is the Journal entry for sale on credit with VAT?

debit Accounts receivablecredit sales revenueCredit VAT payable

What need to happen when recording a journal entry for a sale on account?

What needs to happen when recording a Journal Entry for a sale on account

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