Debit cash / bankCredit equipment
debit cost of salescredit cash / bank
[Debit] Cash / bank xxxx [Credit] Sale of donated asset xxxx
Installment A/r(dr) Installment sales(cr)
debit accounts receivablecredit land account
Debit cash / bankCredit equipment
Debit accounts receivableCredit sales revenue
debit cost of salescredit cash / bank
[Debit] Cash / bank xxxx [Credit] Sale of donated asset xxxx
Installment A/r(dr) Installment sales(cr)
debit accounts receivablecredit land account
To properly record a sales journal entry, you need to debit the accounts receivable or cash account for the amount of the sale, and credit the sales revenue account. This reflects the increase in assets or cash from the sale, and the revenue earned from the transaction.
A short sale will have a detrimental affect on your credit record but not as bad as a foreclosure.
debit accounts receivablecredit sales revenue
Type your answer here... party a/c Dr. to sales
debit equipment accountcredit cash / bank
Debit accounts receivable / cash / bankCredit sales revenue