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What is the name of the revenue account used by merchandise companies?
The revenue account used by merchandise companies is typically called "Sales Revenue" or simply "Sales." This account records the income generated from the sale of goods to customers. It reflects the total amount earned before any deductions such as returns, allowances, or discounts.
What is the name of the account in which sales of merchandise are recorded?
The account in which sales of merchandise are recorded is called the "Sales Revenue" account. This account reflects the income generated from selling goods or services before any expenses are deducted. It's a key component of a company's income statement and is crucial for assessing overall business performance.
What is another name for credit sales?
Another name for credit sales is "sales on account." This term refers to transactions where goods or services are sold to customers with the agreement that payment will be made at a later date, rather than at the time of purchase. Such transactions create an accounts receivable for the seller.
Recived design revenue from cash customer 2045make journal entry?
Cash (debit) 2045Design Revenue (credit) 2045It's pretty much a straight forward entry. You received cash so you debit it, since revenue has a credit balance you credit the same amount to Revenue, check with your company, the account name may vary slightly, but very little. Income, Revenue, etc. It will go to that, never to anything called "net" or "gross" as these accounts are used to figure Retained Earnings which is a Statement of Income and a Retained Earnings statement account.
What are the appropriate names for the revenue account for a businesses such as doctor hairdresser photographer loan company real estate company and dry cleaning company?
the doctor, hairdresser and photographer's revenue account name is fees revenue real estate's revenue account name is commission earned
What is another name for revenue on a financial statement?
Income Sales
What do you mean by account title?
An account title refers to the name given to a specific account in financial records or systems. It helps identify and categorize the type of account and its purpose for tracking transactions. For example, common account titles include "Cash," "Accounts Receivable," and "Sales Revenue."
What is the journal entry for a warranty purchased in financial accounting?
In financial accounting, you will need to debit the warranty expense account and credit the accrued warranty liability account. You can also use the account name prepaid expense instead of the warranty expense account.
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
How do you journalize a sales tax payable?
Since you are using a "payable" account we do "not" touch cash until the actual payment is made. We however still know we need a debit and a credit for this transcation. To put this in our journal we will Debit Sales Tax Expense (check your company for exact account name) Credit Sales Tax Payable (again check your company for account name) Once you pay your taxes then you have to adjust these entries to reflect payment. In order to do that, we again use two accounts, this time however we do not touch Sales Tax Expense, it must stay there until we close our out books, we do however have to show that the payable has now become paid and that we no longer have that amount of cash on hand. This transaction will be adjusted in the journal as Debit Sales Tax Payable (to zero out this account or adjust it accordingly) Credit Cash (to show we no longer have that amount of cash on hand)
What is the other name for sales return or return inward?
Credit note issued
Can you transfer a credit card into your daughters name?
No, but you can add her name to an existing CC account and have an additional name (hers) on the account.
