profit
debit consignment accountcredit consignment sales
Debit goods send for consignmentCredit consignment account
When recording a journal entry for a sales account, ensure that the sales are strictly done on credit terms.
Debit cash /bankdebit liabilitiesCredit assets
Debit cash / bankCredit equipment
To record a journal entry for sales, the possession of goods or services is transferred from business to client or end user.
Whenever any business transaction occur It is compulsory to make journal entry so this is true in case of sales as well.
What needs to happen when recording a Journal Entry for a sale on account
Debit accounts receivableCredit sales revenue
debit cost of salescredit cash / bank
Debit cash / bankCredit vehicle account
[Debit] Loss on sale of equipment xxxx [Credit] Asset account xxxx