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A sales account is an account used for cash and credit sales for a specific period of time. It can also be an account that brings money from outside into a firm.

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Marlon Klocko

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โˆ™ 2021-12-08 23:30:59
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Business Accounting and Bookkeeping

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Quinton Schimmel

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โˆ™ 2021-12-08 23:38:17

A sales account is an account used for cash and credit sales for a specific period of time. It can also be an account that brings money from outside into a firm.

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Related questions

What is a normal balance account of a Sales discount?

Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.


What type of account is a sales discount?

A sales discount account is a contra-revenue account.


Is sales a perment account?

No, Sales is not permanent account as sales are closed to profit and loss account at the end of fiscal year.


What is sales account?

A sales account is an account used for cash and credit sales for a specific period of time. It can also be an account that brings money from outside into a firm.


Why are cash sales not recorded in the sales ledger control account?

a ledger account if made for credit sales.


What are different titles for sales people?

Account Executive Account Manager Sales Professional


Sales is what type of account?

Sales is a revenue account and has a credit balance as a normal balance.


Is Sales Discount revenue or expense?

Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.


What is the difference between sales account and sales ledger?

sales account is the account which contain all the information about sales transaction. it is prepared from journal entries. it shows the balance of the sales account while it is debit or credit. account sales is a statement. it is send by the consignee to the consignor. it contains detail about total sale, price, expenses incurred and the commission earned.


What is the difference between sales account and account sale?

when revenue is earned from charge-account sales, the accountant debits __________ and credits___________


What are the eight types of business transaction?

cash sales, credit sales,purchase on account,collection from sales on account,settlement of purchase on account, direct purchase on cash,installment sales and installment payment


What is the journal entry for sales return?

[Debit] Sales Return account [Credit] Cash account


What kind of an account are sales return and allowances?

Sales Returns and Allowances is a contra income account.


What is The difference between a sales account and vendor account?

sales account is nothing but the sales made to any person in the organisation. vendor account is defined as the products which is assigned to the vendor to move to the another location.


Is the Sales discount account a debit or credit?

Sales discount is subtracted from gross sales in arriving at net sales. It is a contra revenue account, so it is ALWAYS debit.


How do you balance sales return account?

Sales returns account are balanced and closed against actual sales for the amount of sales returned by the customers due to any reason.


What are on account sales?

Sales transacted for which we have not yet been paid.


What is a sales account?

A sales account is the account that actually records a company's profits. The account is normally taken after all employees are paid and all company expenses are doled out.


Does sales returns and allowances have normal credit balance?

No sales returns and allowances has debit balance as a normal balance because these accounts are contra to actual sales account and that's why account balance is reverse of actual sales account.


What is another word for account manager?

sales account representative


When a sale is made on account which account is credited?

Cost of sales


Is Sales Account nominal or real account?

real accounts


What is the Credit account for a Receivable account?

Sales revenue is a typical one. Dr. A/R Cr. Sales Revenue


Does sales returns and allowances normally have a debit balance?

That is correct. Sales and returns allowances is what is called a "Contra" account because it exists to reduce the net balance of an account. Sales is a credit account, so you debit sales returns and allowances in order to reduce your net sales.


Is sales a temporary account?

yes