where a person or organisation buys on account, meaning they get the goods or product and will pay for them at a later date.
no sales is not a nominal account. because nominal account says" debit all expenses and credit all income and gain account. " all things which are tangible is call real account. u can touch the goods which are going to sale. Sale is nominal account as sale generally have some element of profit. This is the good reason to treat the sale as nominal account.
Not true, unless the sale on account is (1) the only sale during the financial period and (2) occurs at a loss.
Yes or a Credit Sale
After a sale to an A/R Customer is made
Cash book
when revenue is earned from charge-account sales, the accountant debits __________ and credits___________
no sales is not a nominal account. because nominal account says" debit all expenses and credit all income and gain account. " all things which are tangible is call real account. u can touch the goods which are going to sale. Sale is nominal account as sale generally have some element of profit. This is the good reason to treat the sale as nominal account.
Cost of sales
Yes or a Credit Sale
Not true, unless the sale on account is (1) the only sale during the financial period and (2) occurs at a loss.
You will have to go online and either create an online account or go in the guest account
After a sale to an A/R Customer is made
Sale of assets reduces the asset account as well as accumulated depreciation account while increases the cash or bank account
Cash book
Sales journal
yes
when revenue is earned from charge-account sales, the accountant debits __________ and credits___________