Buyer a/c dr.
To Sales a/c.
The GAAP shows such an entry as:
Account Receivable (debit) $$$
Sales (Revenue) (credit) $$$
This is based on Double-Entry Accounting as standardized by the GAAP.
For example, say you sold a computer to a customer on credit for $1500, the journal entry would read
AR (debit) $1500
Revenue (credit) $1500
Some companies use the term Sales, Revenue, and even Income. Which generally refer to the same thing.
debit accounts receivable
credit sales revenue
Debit Cash Credit Sales
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 receivable[Credit] Sales revenue
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
Sales(debit) and income summary (credit)
Debit Cash Credit Sales
Debit Cash $XXX Credit Sales $XXX
[Debit] sales return [credit] cash / bank
Debit accounts receivableCredit sales revenue
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
[Debit] Accounts receivable[Credit] Sales revenue
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
is a book of first entry in which credit sales invoices are recorded
[Debit] Sales returns [Credit] Cash / bank [debit] Sales revenue [credit] sales return
Debit: Sales Returns & Allowances Credit: Accounts Receivable :)