Debit Accounts Payable
Credit cash / bank
When recording a journal entry for a sales account, ensure that the sales are strictly done on credit terms.
Goods must be transferred to end user or third party before recording of sales journal entry in company's books of accounts.
To record a journal entry for sales, the possession of goods or services is transferred from business to client or end user.
debit the client account (debtor account) and credit the income account (bill amount)
For the recording of journal entry, it is mandatory to be business transaction occurred already otherwise no journal entry can be made prior to occurrence of business transaction.
When recording a journal entry for a sales account, ensure that the sales are strictly done on credit terms.
Debit supplies inventoryCredit cash / bank
Goods must be transferred to end user or third party before recording of sales journal entry in company's books of accounts.
What needs to happen when recording a Journal Entry for a sale on account
Debit cash / bankCredit accounts receivable
To record a journal entry for sales, the possession of goods or services is transferred from business to client or end user.
debit interest expensecredit notes payable
recording of business transaction in chronological order is a journal entry
Cash discount is expenses of trading account but this is not an expenses just like a scheame on spot given to the purchaser. So no seprate discount entry need in journal. just reduce discount amount in total value and entry it.
debit the client account (debtor account) and credit the income account (bill amount)
The proper journal entry for recording a tax refund in the company's financial statements is to debit the cash account and credit the income tax refund account. This reflects the increase in cash from the refund and properly records the transaction in the company's financial records.
what is the entry for an excess payment from customer