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What is the journal entry for purchase on credit and sales on cash?

Updated: 9/21/2023

Wiki User

∙ 12y ago

Best Answer

Debit: Purchases

Credit: Accounts Payable

Debit: Cash

Credit: Sales

Wiki User

∙ 12y ago

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Wiki User

∙ 9y ago

debit purchases
credit accounts payable

sales

debit cash
credit sales

This answer is:

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Continue Learning about Accounting

What is the journal entry for a cash sell?

Debit Cash Credit Sales

What is the journal entry for goods return?

If sales goods returned: [Debit] Sales account xxxx [Credit] Sales Return account xxxx if purchase goods returned: [Debit] Purchase return xxxx [Credit] Purchases account xxxx

What is journal entry of cash sales?

Debit Cash $XXX Credit Sales $XXX

What needs to happen when recording a journal entry for a sale account?

When recording a journal entry for a sales account, ensure that the sales are strictly done on credit terms.

Journal entry ofr credit sales?

[Debit] Accounts receivable[Credit] Sales revenue

Related questions

What is the journal entry to close sales?

Sales(debit) and income summary (credit)

What is the journal entry for a cash sell?

Debit Cash Credit Sales

What is the journal entry for goods return?

If sales goods returned: [Debit] Sales account xxxx [Credit] Sales Return account xxxx if purchase goods returned: [Debit] Purchase return xxxx [Credit] Purchases account xxxx

What is journal entry of cash sales?

Debit Cash $XXX Credit Sales $XXX

What is journal entry for sales return?

[Debit] sales return [credit] cash / bank

What is the journal entry for credit sales with a discount?

Debit accounts receivableCredit sales revenue

What needs to happen when recording a journal entry for a sale account?

When recording a journal entry for a sales account, ensure that the sales are strictly done on credit terms.

What is the journal entry for sales return?

[Debit] Sales Return account [Credit] Cash account

Journal entry ofr credit sales?

[Debit] Accounts receivable[Credit] Sales revenue

How do you do journal entry for Forecasting Sales?

There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.

What is creditors journal?

is a book of first entry in which credit sales invoices are recorded

Journal entry for returned goods by customer?

[Debit] Sales returns [Credit] Cash / bank [debit] Sales revenue [credit] sales return

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