Well, first you get some bacon, a frypan and a stove and cook it on medium heat for 5-10 minutes until crispy and browned.
Sales is a revenue account and has a credit balance as a normal balance.
No sales returns and allowances has debit balance as a normal balance because these accounts are contra to actual sales account and that's why account balance is reverse of actual sales account.
Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.
That is correct. Sales and returns allowances is what is called a "Contra" account because it exists to reduce the net balance of an account. Sales is a credit account, so you debit sales returns and allowances in order to reduce your net sales.
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.
Sales is a revenue account and has a credit balance as a normal balance.
No sales returns and allowances has debit balance as a normal balance because these accounts are contra to actual sales account and that's why account balance is reverse of actual sales account.
Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.
Sales is a revenue account and has a credit balance as a normal balance.
Sales is a revenue account and like all revenue accounts sales also has credit balance as normal balance and cash or accounts receivable are debit against it.
That is correct. Sales and returns allowances is what is called a "Contra" account because it exists to reduce the net balance of an account. Sales is a credit account, so you debit sales returns and allowances in order to reduce your net sales.
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.
it is a contra -revenue account (to sales), so, that means it has a debit (dr) balance. I know because I am swagly and because that is what my accounting book told me. /swag
Sales revenue has a credit balance as a normal balance so product sales also has credit balance as normal balance.
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contra-revenue account
No, Sales would normally have a credit balance.