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What are the accounting journal entries to record for sales to customers on credit terms?
Wiki User
∙ 13y ago
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)
Wiki User
∙ 13y ago
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What is the accounting entries when goods are bought on credit?
The journal entry is the accounting entry which lists the goods that are bought on credit.
Letter of credit journal entries?
To get a letter of credit journal entries you must write to the accounting department. It is important to include the reason for the letter, so that you can get the information you request.
What is the accounting journal entries for penalties and interest an taxes?
The accounting journal entries for penalties and interest on taxes will go in the debit and credit columns. You debit the expense account and credit the liability account until the penalties and interest is paid.
What are the accounting journal entries to record depositing cash for common stock?
[Debit] Cash /bank [Credit] Common Stock
What are the accounting journal entries to record a purchase of inventory?
[Debit] Purchases xxxx [Credit] Cash / bank xxxx [Credit] Accounts payable xxxx (if purchased on credit)
What is the accounting entries when goods are bought on credit?
The journal entry is the accounting entry which lists the goods that are bought on credit.
Letter of credit journal entries?
To get a letter of credit journal entries you must write to the accounting department. It is important to include the reason for the letter, so that you can get the information you request.
What is the accounting journal entries for penalties and interest an taxes?
The accounting journal entries for penalties and interest on taxes will go in the debit and credit columns. You debit the expense account and credit the liability account until the penalties and interest is paid.
What are the accounting journal entries for theft of cash?
[Debit] Theft Cash [Credit] Cash
What are the accounting journal entries for guaranteed payments to partners?
Debit:Partners Capital Credit: Accounts Payable
Accounting journal entries for payment of FICA?
Debit FICA Tax payable Credit Cash / bank
What are the accounting journal entries for payment in kind interest on a bond?
Debit Interest Expense and Credit Bond Payable.
What are the parts of a journal entry?
There are two parts of journal entries in double entry accounting system. 1 - Debit part 2 - Credit part
What are the accounting journal entries to record depositing cash for common stock?
[Debit] Cash /bank [Credit] Common Stock
What are the accounting journal entries to record a purchase of inventory?
[Debit] Purchases xxxx [Credit] Cash / bank xxxx [Credit] Accounts payable xxxx (if purchased on credit)
What are the accounting journal entries for treasury bills purchased on discount?
There are several journal entries that could be made for items purchased on discount. The journals for keeping tabs generally have categories for debit, credit, discount, and total.
What are the accounting journal entries to record income?
If receiving cash from a good or service, the journal entry will be something like the following.Cash (debit)Revenue or Income (credit)If you supply a good or service and the customers is going to pay at a later date, less than a year the journal entry will be similar to the following.Account Receivable (debit)Revenue or Income (credit)
