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When a retailer sells merchandise on account the general entry for the sale would be to?
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∙ 10y ago
[Debit] Accounts Receivable xxxx
[Credit] Sales xxxx
Wiki User
∙ 10y ago
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What is journal entry to taking funds to reserve account?
[Debit] Net income account [Credit] General Reserves
Merchandise with a sale price of 500 is sold on account with the terms 2 10 n 30 The journal entry to record the sale would include a?
490
What will be Journal entry for purchase of building from general reserve account?
General reserve account cannot be used for purchases of building as general reserve accounts is fixed for some limited kind of transactions like
How do i record in a journal entry an amount of 5000 should be transfered to the general reserve account?
You record on the debit side an amount of 5000 that should be transferred to the general reserve account.
What is the general ledger journal entry to begin a Reserve Account?
debit reserve accountcredit cash / bank
What is the general journal entry for cash deposit?
Cash deposit to bank has contra entry as follows: [Debit] Bank account [Credit] Cash account
What is the general journal entry for cash deposited to bank?
Debit Bank account Credit Cash account
What is journal entry to taking funds to reserve account?
[Debit] Net income account [Credit] General Reserves
What does dda gl credit mean?
DDA=Demand Deposit Account....(ex, checking account, savings account, etc) GL=General Ledger.... Credit=Positive Entry, Entry going -in-, opposite of debit....
Merchandise with a sale price of 500 is sold on account with the terms 2 10 n 30 The journal entry to record the sale would include a?
490
What will be Journal entry for purchase of building from general reserve account?
General reserve account cannot be used for purchases of building as general reserve accounts is fixed for some limited kind of transactions like
How do i record in a journal entry an amount of 5000 should be transfered to the general reserve account?
You record on the debit side an amount of 5000 that should be transferred to the general reserve account.
What is the general ledger journal entry to begin a Reserve Account?
debit reserve accountcredit cash / bank
Purchased merchandise from Philips co for 1900 of merchandise returned from purchase on July 4th journalize the entry?
debit merchandise 1900credit philips 1900
What adjusting entry is entered on a work sheet when the ending merchandise inventory is less than the beginning value?
Merchandise Inventory. The value of merchandise in the trial balance is the amount of inventory on hand at the beginning of the year. No other transactions are posted to this account during the year because every time merchandise if purchased, it is debited to Purchases. Every time inventory is sold, it is credited to Sales.
What is the general ledger journal entry issue an invoice on sale of account?
Debit accounts receivableCredit sales revenue
What is the general ledger journal entry to write off accounts receivable?
Under the allowance method, entry would be: Allowance for Doubtful Accounts (DR) Account Receivable (CR)
