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What else can I help you with?
What is the accounting treatment for a refund to customer?
Is it right that I debit the refund to [Sales returns] and credit it to [Cash at bank]? But the answer given by my teacher is that the refund is debited to [Trade receivables] and credited to [Cash at bank].
Which on is more profitable between cash sales and credit sales?
Cash sales are more profitable. Cash is credited on the same day it's paid into the bank - earning interest from the moment it's deposited. Credit sales need to be cleared through the banks system which can take three working days from the day afterthe transaction occurred.
How do you account cash sales return?
[Debit] Sales return [Credit] Cash /bank [Debit] Sales [Credit] Sales return
What is the double entry for sale?
Cash/Bank/Accounts Receivable [Debit] Sales[Credit]
What is the journal entry for payment of accrued expense?
debit accrued expensescredit cash / bank
What is entry for sales returns?
[Debit] sales return [credit] cash / bank
What is the journal entry for sold goods for cash?
Debit cash / bankCredit sales revenue
What is the journal entry for goods sold in cash or bank to party?
[Debit] Cash / Bank xxxx [Credit] Sales xxxx
What is the journal entry for cash sale deposited into bank?
debit cashcredit salesdebit bankcredit cash
What is journal entry for sales return?
[Debit] sales return [credit] cash / bank
What is the journal entry for furniture purchased?
[Debit] Furniture [Credit] Cash / bank
Sales to customers who use bank credit cards such as MasterCard and Visa are generally treated as...a. sales when the credit card company remits the cash?
Sales to customers who use bank credit cards such as MasterCard and Visa are generally treated as Cash Sales.
