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What is the journal entry for the sale of a corporation?

Updated: 8/17/2019

Wiki User

∙ 9y ago

Best Answer

Debit cash /bank
debit liabilities
Credit assets

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∙ 9y ago

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Related questions

What is the journal entry for consignment sale?

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What events would not require a formal journal entry on a corporation's books?

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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.

How do you record a journal entry for sale of equipment?

Debit cash / bankCredit equipment

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

To record a journal entry for sales, the possession of goods or services is transferred from business to client or end user.

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When you made sale is it compulsory to make journal entry?

Whenever any business transaction occur It is compulsory to make journal entry so this is true in case of sales as well.

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

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Debit accounts receivableCredit sales revenue

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debit cost of salescredit cash / bank

How do you post a journal entry for the sale of a vehicle?

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