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Bismillah..
So lets assume that a product was sold for $300 with discount condition (2/10, n/30).
FOr Seller Journal Entry would be:
Dr A/R 350
Cr Sales 350
If the payment is made in time (within 10 days) then for seller the journal entry is as follow:
Dr Cash 344
Dr Sales Discount 6
Cr A/R 350
What else can I help you with?
What is the sales entry in Sales discount?
Discount a/c Dr 20 Raman Industries Dr 80 To Sales 100 (Sales book & discount given )
What is the Journal entry for CASH sales with discounts?
cash a/c.......dr amt(after discount) to sales a/c amt(after discount)
What is the journal entry for credit sales with discount?
Debit accounts receivableCredit sales revenue
What is the journal entry for credit sales with a discount?
Debit accounts receivableCredit sales revenue
Journal entry for Credit sales with Discount?
Debtors a/c Dr. Discount expense a/c Dr. To Sales a/c
Journal entry for credit sale with discount and tax?
debit accounts receivablecredit sales tax payablecredit sales discountcredit sales revenue
What is the journal entry for Sales Discount in quickbooks?
i just figured it out. So, I'll help you. Literrally, but had my search results up. Dr. Cash Dr. Sales Discount Cr. Tax Payable Cr. Sales Revenue Dr. = Cr.
How do you add discount during sales entry in tally?
ram a/c 1000 Dr to sale a/c 900Cr to discount 400 Cr
What journal entry is used to record purchase discounts?
It depends on the kind of discount and agreement that has been agreed upon in the sale transaction. Here is an example of a journal entry for discount for a normal credit sale transaction: Accounts receivable 9000 (dr) Discount from sale 500 (dr) Sales 9500 (cr)
If you have a discount-- does sales tax come after or before discount?
I think the discount comes first and then the sales tax.
Where to post sales discount?
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.
Is Cash Discount received on cash sales?
Cash discounts are received on cash sales. The seller or provider often refers to the cash discount as a sales discount.
