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debit accounts receivable
credit sales revenue
Wiki User
∙ 9y ago
Wiki User
∙ 9y agoYes sales journal only records the credit sales and no other transaction is recorded in sales journal.
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What is purchases journal is used for recording?
credit sales
A sales invoice is used as documentation for a journal entry that requires a?
debit to Accounts Receivable and a credit to Sales Revenue.
What journal entry do you use for a sale when a credit card is used?
Debit bankCredit sales revenue
What is the purpose of day books?
they are used for recording all sales invoices.they are also used for recording all the sales credit.Day books are also used for recording all the purchase invoices.Purchase credit notes are also recorded in the day books.They are also used for recording all money received as well as money paid out.Day books record journals and are used for recording small value purchases paid by cash.
What is the use of a sales journal?
A sales journal is used to record all sales transactions made by a company. It helps track sales revenue, monitor the performance of salespeople, and provide a detailed record for financial reporting and analysis.
Revenue is equal to credit sales?
Revenue is often used synonymously to the word sales (cash & credit both)
What is the purpose sales day book?
Sales day book is used to record the daily credit sales. in a sales day book we just write the date, customer name, invoice no and amount. its a very primary book to write the credit sales. it can be used as a reference when preparing the sales accounts of individual customers
What is the journal entry of supplies used?
[Debit] Supplies expenses [Credit] Supplies Inventory
What is the meaning of a credit sales invoice?
Please provide more information/context/clarification to help us answer this question. You can post your response in this answer text by clicking "Edit."
What are the accounting journal entries to record for sales to customers on credit terms?
Depending on the credit terms, the accounts used may vary slightly but it is a basic entry. If the credit terms are where the account will be paid off in one year or less the accounts are: Account Receivable (debit) Revenue (credit) If the terms end up being more than one year then the only account that changes is the accounts receivable and you use Notes Receivable. Notes Receivable (debit) Revenue (credit) *note, some companies may list revenue as Sales, Sales Revenue, Income, etc. For general purposes Revenue is most commonly used. (GAAP)
When a company uses special journals the general journal is used for selected transactions and events including?
When a company uses special journals, the general journal is used for selected transactions and events that do not fit into any of the specific categories of the special journals. These could include recording adjusting entries, correcting errors, or any unique transactions that don't have a designated special journal.
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)
