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What are the accounts that a businessman has to maintain under central sales act?
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What is the journal entry for credit sales?
Accounts-receivable@ Sales(sales being in your Results and accounts-receivable in your balance sheet)
Journal entry of sales to accounts receivable with sales tax?
debit accounts receivabledebit sales taxcredit sales revenue
What is the difference between credit sales and accounts payable?
Credit sales referes to sales and accounts payable referes to bank
Is accounts receivable included in sales?
There are two kinds of sales, one is cash sales and other once is credit sales. Whenever sales are made on credit it will create accounts receivable which will be shown in balance sheet as current asset. So it means that accounts receivables are created due to credit sales so it is already included in sales So; Total Sales = Cash Sales + Credit Sales (Accounts Receivable)
What types of accounts are referred to as temporary accounts?
Sales
What is the journal entry for accounts receivable?
debit accounts receivablecredit sales
What general ledger accounts are affected and how by a sales returns and allowances transactions?
it affects the sales tax payable and the accounts receivable.
If sales increase do accounts receivables increase?
If increased sales are all on credit then it will also increase the accounts receivable as well.
If you have a sale what does it do to the accounts receivable?
If sales is credit sales then it will create accounts receivable which means money is receivable from customers at future time.
What will the journal entry of accounts recievable?
debit accounts receivablecredit sales revenue
What accounts can be found in income statement?
Accounts found on an Income Statement are : Cost of Sales, Sales Rev., Selling Expense and Wage Expense
Is sales a debit balance?
Sales is a revenue account and like all revenue accounts sales also has credit balance as normal balance and cash or accounts receivable are debit against it.
