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What is the journal entry for credit sales with a discount?
Debit accounts receivableCredit sales revenue
What is the Journal entry for CASH sales with discounts?
cash a/c.......dr amt(after discount) to sales a/c amt(after discount)
Journal entry for Credit sales with Discount?
Debtors a/c Dr. Discount expense a/c Dr. To Sales a/c
What is the journal entry for credit sales with discount?
Debit accounts receivableCredit sales revenue
How do you record a journal entry in QuickBooks?
To record a journal entry in QuickBooks, go to the Company menu, select Make General Journal Entries, enter the date and journal entry number, choose the accounts to debit and credit, input the amounts, and save the entry.
How do you do journal entry for Forecasting Sales?
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
Journal entry for credit sale with discount and tax?
debit accounts receivablecredit sales tax payablecredit sales discountcredit sales revenue
What is the Jornal entry for sales on discount?
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
How do you post journal entries in QuickBooks Online?
To post journal entries in QuickBooks Online, go to the "New" menu and select "Journal Entry." Enter the necessary details such as the date, accounts, and amounts. Review and save the entry to post it to your account.
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.
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)
What is the journal entry for earned discount?
[Debit] Cash[Credit] Discount earning
