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What is the journal entry for consignment sale?
profit
What is the Journal entry for goods returned from customer?
When goods are returned from a customer, the journal entry typically involves debiting the Sales Returns and Allowances account to reflect the decrease in sales revenue and crediting the Accounts Receivable or Cash account, depending on how the original sale was recorded. For example, if the return involves a credit to the customer's account, the entry would be: Debit: Sales Returns and Allowances Credit: Accounts Receivable This entry effectively reverses the sale and acknowledges the return of goods.
What is journal entry for sales return?
[Debit] sales return [credit] cash / bank
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 the sale of a corporation?
Debit cash /bankdebit liabilitiesCredit assets
How do you record a journal entry for sale of equipment?
Debit cash / bankCredit equipment
What is the journal entry for sales return?
[Debit] Sales Return account [Credit] Cash account
What need to happen when recording a journal entry for a sale account?
To record a journal entry for sales, the possession of goods or services is transferred from business to client or end user.
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
When you made sale is it compulsory to make journal entry?
Whenever any business transaction occur It is compulsory to make journal entry so this is true in case of sales as well.
What is journal entry to record return of supplies on account?
debit accounts payablecredit supplies return account
How do you record journal entry for a purchase return?
debit cash / bank / accounts payablecredit purchase return
