Sales returns journal records all sales return transactions only and no other transaction of business is recorded.
Debit: Sales Returns & Allowances Credit: Accounts Receivable :)
debit sales accountcredit sales return account
Return inwards, also known as sales returns, are recorded in a separate journal called the "Returns Inwards Journal." This journal captures the details of goods returned by customers, including the date of return, customer name, item description, quantity, and reason for return. The total value of the returns is then transferred to the general ledger, typically reducing sales revenue in the sales account. This helps businesses keep accurate track of their sales and inventory levels.
[Debit] Sales returns [Credit] Accounts receivable
[Debit] Sales returns [Credit] Cash / bank [debit] Sales revenue [credit] sales return
General Journal Sales Returns and Allowances - A company with sales returns and allowances can record them in the General Journal.
Debit: Sales Returns & Allowances Credit: Accounts Receivable :)
debit sales accountcredit sales return account
Return inwards, also known as sales returns, are recorded in a separate journal called the "Returns Inwards Journal." This journal captures the details of goods returned by customers, including the date of return, customer name, item description, quantity, and reason for return. The total value of the returns is then transferred to the general ledger, typically reducing sales revenue in the sales account. This helps businesses keep accurate track of their sales and inventory levels.
[Debit] Sales returns [Credit] Accounts receivable
[Debit] Sales returns [Credit] Cash / bank [debit] Sales revenue [credit] sales return
When goods refund:[Debit] Sales returns[Credit] accounts receivable / cashAdjusting entry:[Debit] sales revenue[Credit] Sales returns
Are the payment for cash(people who came and buy for cash ) Any entry can be posted into the general journal. It is really messy and long to post the stuff in the sales, sales returns and allowances, purchases and purchases returns and allowances jounal into the general jounal so those journals are created to make things easier. So basically, any entries that are posted to the cash payments journal can be posted to the general journal.
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
debit accounts receivablecredit sales revenue
Sales discount is a contra account against sales. In the journal, the entry is like this:Accounts receivable (dr) 9,000Sales discount (dr) 1,000Sales (cr) 10,000After recording this transaction in the journal, at the end of the accounting period, all the entries from the journal will be posted to respective statements. This sale transaction has something to do with the profitability of the entity so, this will be included as part of the Income Statement. Sales less returns and discounts will come up to Net sales.
Entries in sales journal shows all the sales company has made on credit and no other transaction is part of sales journal account.