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What is the journal entry to close sales?

Updated: 8/20/2019

Wiki User

∙ 11y ago

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Sales(debit) and income summary (credit)

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∙ 11y ago

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Related questions

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 THE JOURNAL ENTRY FOR SALES DISCOUNTS?

expense

What is the journal entry for cash sales?

debit cashcredit 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 cash sales?

Debit cash / bankCredit sales revenue

What is the journal entry for a sales return?

[debit] sales returnscredit cash / accounts receivable

How do you pass journal entry for cash sales?

Cash a/c Dr. To Sales a/c

What is the journal entry for sales?

Debit accounts receivable / bank / cashCredit sales revenue

How do you record restaurant sales in a journal entry?

Debit cash /bankCredit sales revenue

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 is journal entry of cash sales?

Debit Cash $XXX Credit Sales $XXX

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