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It is a source document for journal entries to notify that a credit sales has taken plece, i.e sombody(debtors) owe money to the business in return for the goods.
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Difference between credit sales and credit purchases?
credit sales are sales you have made on credit, so they still owe you the money for that item. credit purchases are things you have purchased from your suppliers on credit and therefore you owe the money for
Is sales discount a debit or credit?
Credit
What are the advantages of credit sales?
its advantages are * the person need not to pay money at sport *the person had got a credit offers in credit sales
Net credit sales?
Is the same thing as Net Sales.
Sales to customers who use bank credit cards such as MasterCard and Visa are generally treated as...a. sales when the credit card company remits the cash?
Sales to customers who use bank credit cards such as MasterCard and Visa are generally treated as Cash Sales.
What is the purpose of an accounts receivable system?
Accounts receivables relates to credit customers. Sales on credit will go through receivables as well as any credit notes and payments for those sales.
What is the importance of credit sales?
Credit Sales increases the amount of sales and sales volume.
Do increase of notes receivable increase or decrease cash flow?
Increase in notes receivable reduces the cash flow because if sales are made in cash then cash will immediately increase but if sales are made on credit it means company has not received the cash and that's why it reduces the cash.
Does cash sales and credit sales equal net sales?
yes they do but if the cash sales and credit sales ar the same number they equal subsales
Difference between credit sales and credit purchases?
credit sales are sales you have made on credit, so they still owe you the money for that item. credit purchases are things you have purchased from your suppliers on credit and therefore you owe the money for
How do you account cash sales return?
[Debit] Sales return [Credit] Cash /bank [Debit] Sales [Credit] Sales return
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)
Is sales a debt or credit?
A credit.
Is sales a credit or debit?
Sales is a revenue account and all revenues has credit balance as default balance so sales also has credit as default balance while cash or accounts receivable will be debited against it.
What were Credit Agricole's sales in 1995?
Credit Agricole had 1995 sales of $32.34 billion
What is the difference between credit sales and accounts payable?
Credit sales referes to sales and accounts payable referes to bank
Difference between purchase day book and sales day book?
The purchase day book is the book of original entry in respect of credit purchase, including both invoices and credit notes. This is the book where credit purchase transactions are recorded. Like Sales day book, purchase day book also maintain in a manual accounting system.
