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What type of account is a sales discount?
A sales discount account is a contra-revenue account.
What type of account is sales tax payable?
Liability
What is a normal balance account of a Sales discount?
Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.
Why are cash sales not recorded in the sales ledger control account?
a ledger account if made for credit sales.
What is the difference between sales account and sales ledger?
sales account is the account which contain all the information about sales transaction. it is prepared from journal entries. it shows the balance of the sales account while it is debit or credit. account sales is a statement. it is send by the consignee to the consignor. it contains detail about total sale, price, expenses incurred and the commission earned.
What type of account is a sales discount?
A sales discount account is a contra-revenue account.
What are the different type of control account?
sales control account purchases control account
What type of account is sales tax payable?
Liability
What is type of sale?
Sales is a revenue account and has a credit balance as a normal balance.
What is a normal balance account of a Sales discount?
Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.
Is sales a perment account?
No, Sales is not permanent account as sales are closed to profit and loss account at the end of fiscal year.
What is the difference between sales account and account sales?
when revenue is earned from charge-account sales, the accountant debits __________ and credits___________
What type of mattresses account for 90 percent of sales?
The vast majority--some 90 percent--of mattress sales are of traditional innerspring mattresses.
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.
A sales return for credit on account would be recorded in what type of journal?
General Journal Sales Returns and Allowances - A company with sales returns and allowances can record them in the General Journal.
Why are cash sales not recorded in the sales ledger control account?
a ledger account if made for credit sales.
What is the difference between sales account and sales ledger?
sales account is the account which contain all the information about sales transaction. it is prepared from journal entries. it shows the balance of the sales account while it is debit or credit. account sales is a statement. it is send by the consignee to the consignor. it contains detail about total sale, price, expenses incurred and the commission earned.
