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What does sale on account mean?
A sale "on account" would usually refer to a transaction where goods or services are transferred (sold) to a customer (buyer) on credit terms (to be paid for later at a specific time).
Is account sales a nominal account?
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.
Merchandise with a sale price of 500 is sold on account with the terms 2 10 n 30 The journal entry to record the sale would include a?
490
Is it true that owners equity is decreased by a sale on account?
Not true, unless the sale on account is (1) the only sale during the financial period and (2) occurs at a loss.
A sale for which cash will be received at a later date is called a sale on account?
Yes or a Credit Sale
What does it mean if the ap account balance has increased on the trial balance?
The trial balance is the list of all open accounts in the ledger (although post-closing trial balances exist as well). If the A/P (Accounts Payable) account increased on the trial balance, this would mean that entries had been made (journalized) and posted to the ledger that increase the A/P account balance. For example, buying inventory on account would increase the A/P account balance. This transaction would be journalized and then posted (process of transferring info from journal to ledger). This would result in an increase in A/P on the trial balance.
What does it means If the AP account balance has increased on the Trial Balance?
The trial balance is the list of all open accounts in the ledger (although post-closing trial balances exist as well). If the A/P (Accounts Payable) account increased on the trial balance, this would mean that entries had been made (journalized) and posted to the ledger that increase the A/P account balance. For example, buying inventory on account would increase the A/P account balance. This transaction would be journalized and then posted (process of transferring info from journal to ledger). This would result in an increase in A/P on the trial balance.
What does sale on account mean?
A sale "on account" would usually refer to a transaction where goods or services are transferred (sold) to a customer (buyer) on credit terms (to be paid for later at a specific time).
What is different between account sale and sale account?
when revenue is earned from charge-account sales, the accountant debits __________ and credits___________
How is a hospital valued for sale?
The same way any other building would be valued for sale... The value of the land it's built on - the value of the building and the internal fixtures are all taken into account to generate a final sale value. If it is to be sold as a business, its balance sheets would also be taken into account.
Is account sales a nominal account?
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.
Merchandise with a sale price of 500 is sold on account with the terms 2 10 n 30 The journal entry to record the sale would include a?
490
When a sale is made on account which account is credited?
Cost of sales
Is it true that owners equity is decreased by a sale on account?
Not true, unless the sale on account is (1) the only sale during the financial period and (2) occurs at a loss.
A sale for which cash will be received at a later date is called a sale on account?
Yes or a Credit Sale
When will fifa 11 be on sale for wii?
You will have to go online and either create an online account or go in the guest account
What is a sale to an account receivable customer is made?
After a sale to an A/R Customer is made
