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Why are cash sales not recorded in the sales ledger control account?
a ledger account if made for credit sales.
The cash receipts journal usually has special columns for the accounts that a business uses the most often in recording its cash receipts?
sales account sales account
Which part of the accounting equation does a sale on account effect?
by sale on account you mean goods sold to the costumer but the cash was not received immediately. the accounting equation for credit sales is to CR the revenue/sales/turnover in your income statement. DR the receivables account on the balance sheet. after the cash is received. CR the receivables account. DR the cash account.
What is journal entry for carriage on sales?
Debit Cash / bank / Account receivableDebit Carriage outwardCredit Sales
When companies pay the government collected sales tax sales taxes payable is credited and cash is debited true or false?
True. When companies pay the government the collected sales tax, they credit the "Sales Taxes Payable" account, which reduces the liability, and they debit the "Cash" account to reflect the outflow of cash. This transaction effectively transfers the sales tax liability to the government.
Why are cash sales not recorded in the sales ledger control account?
a ledger account if made for credit sales.
How do you account cash sales return?
[Debit] Sales return [Credit] Cash /bank [Debit] Sales [Credit] Sales return
What is account sales?
A sales account is an account used for cash and credit sales for a specific period of time. It can also be an account that brings money from outside into a firm.
What is the journal entry for sales return?
[Debit] Sales Return account [Credit] Cash account
The cash receipts journal usually has special columns for the accounts that a business uses the most often in recording its cash receipts?
sales account sales account
What are the eight types of business transaction?
cash sales, credit sales,purchase on account,collection from sales on account,settlement of purchase on account, direct purchase on cash,installment sales and installment payment
What is journal entry for carriage on sales?
Debit Cash / bank / Account receivableDebit Carriage outwardCredit Sales
Which part of the accounting equation does a sale on account effect?
by sale on account you mean goods sold to the costumer but the cash was not received immediately. the accounting equation for credit sales is to CR the revenue/sales/turnover in your income statement. DR the receivables account on the balance sheet. after the cash is received. CR the receivables account. DR the cash account.
When companies pay the government collected sales tax sales taxes payable is credited and cash is debited true or false?
True. When companies pay the government the collected sales tax, they credit the "Sales Taxes Payable" account, which reduces the liability, and they debit the "Cash" account to reflect the outflow of cash. This transaction effectively transfers the sales tax liability to the government.
Can you record transactions in 2 journals Example Can sale of merchandise for cash be put in the cash receipts journal and the sales journal?
A sale of merchandise for cash would be: Debit cash or bank account, Credit sales
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.
What is debit sales and credit cash in accounting?
A debit on sales, while crediting cash means a cash refund to a customer.A sales transactionFor a service provider, the journal entry for a cash sales transaction has a debit on cash, and a credit on sales. Assuming a sales price of $100:cash 100 (debit)sales 100 (credit)A refundIf for whatever reason the customer requests (and receives) a (partial) refund, sales is reduced. The journal entry of a $30 refund would be the reverse of the above: sales 30 (debit)cash 30 (credit)Alternative journal entryHowever, companies would normally like to keep track of the amount of refunds. Instead of using 'sales' with a refund, a different T-account is used:sales allowances 30 (debit)cash 30 (credit)Sales allowances is a contra-T account to sales, and presented jointly in the income statement (sales minus sales allowances is net sales).For a trading company, there can also be sales returns (physical return of the goods), or a T-account 'sales returns and allowances'
