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What type of account is a sales discount?
A sales discount account is a contra-revenue account.
Is the amount of sales tax collected on sales is recorded in the Sales Tax Revenue account?
combind revenue accounts
Sales is what type of account?
Sales is a revenue account and has a credit balance as a normal balance.
What is a normal balance account of a Sales discount?
Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.
What is the account classification for cash sales?
Revenue
What is the Credit account for a Receivable account?
Sales revenue is a typical one. Dr. A/R Cr. Sales Revenue
What type of account is a sales discount?
A sales discount account is a contra-revenue account.
Is the amount of sales tax collected on sales is recorded in the Sales Tax Revenue account?
combind revenue accounts
What is the difference between sales account and account sales?
when revenue is earned from charge-account sales, the accountant debits __________ and credits___________
Is Purchase Discount revenue or expense?
Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
Sales is what type of account?
Sales is a revenue account and has a credit balance as a normal balance.
What is a normal balance account of a Sales discount?
Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.
What is the account classification for cash sales?
Revenue
What is the revenue account for a merchandising business?
Sales
What is the difference between sales account and account sale?
when revenue is earned from charge-account sales, the accountant debits __________ and credits___________
Is sales revenue a liability or asset?
Neither. Sales revenue is a P&L account, not a balance sheet account. When booking an entry to sales you would credit sales and either debit cash or accounts receivable.
Sales Discounts are known as?
contra-revenue account
