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∙ 14y agocombind revenue accounts
As an asset account, the accounts receivable (Sales Ledger Control) build up the debit side. So: First off, sales are credited the amount then the receivable account is debited the same amount. Once payment has been made then accounts receivable is credited and the bank is debited.
Sales control account is a summary of transactions relating to the debtors balance.the debtors ledger account is debited when there is an increase of the debtors balance and credited when there is a reduction of the debtors balance
Yes, if the product or service is rendered to the customer and said customer has not paid the amount, the revenue has been earned, not collected, to record this transaction you would Debit Accounts Receivable (to show that the service or product has been rendered) and Credit Revenue (income). Once payment is received, then to show money has been collected, you Debit Cash and Credit Accounts Receivable (you no longer have to touch your sales/revenue account as the amount is already listed as being earned).
Any sales on account (aka credit sales) will increase accounts receivable by the same amount. The journal entry for this would be: Account Receivable (debit) Sales (revenue) (credit)
combind revenue accounts
Cost of sales
As an asset account, the accounts receivable (Sales Ledger Control) build up the debit side. So: First off, sales are credited the amount then the receivable account is debited the same amount. Once payment has been made then accounts receivable is credited and the bank is debited.
Sales control account is a summary of transactions relating to the debtors balance.the debtors ledger account is debited when there is an increase of the debtors balance and credited when there is a reduction of the debtors balance
CST receivable refers to the tax collected at source by sellers on inter-state sales in India. It is deposited with the government. The collection is credited to the state where the buyer is located, and the buyer can claim credit for the amount paid.
The sales tax in Hollywood, FL was 6.00% at the time of this post.
Sales returns account are balanced and closed against actual sales for the amount of sales returned by the customers due to any reason.
Yes, if the product or service is rendered to the customer and said customer has not paid the amount, the revenue has been earned, not collected, to record this transaction you would Debit Accounts Receivable (to show that the service or product has been rendered) and Credit Revenue (income). Once payment is received, then to show money has been collected, you Debit Cash and Credit Accounts Receivable (you no longer have to touch your sales/revenue account as the amount is already listed as being earned).
Any sales on account (aka credit sales) will increase accounts receivable by the same amount. The journal entry for this would be: Account Receivable (debit) Sales (revenue) (credit)
Journal entry for selling goods to Sourav: Debit: Accounts Receivable - Sourav Credit: Sales Revenue Credit: Inventory This entry records the sale of goods to Sourav, debiting the Accounts Receivable account for the amount owed by Sourav and crediting the Sales Revenue account for the revenue earned. The Inventory account is credited to reduce the quantity of goods in stock.
The following will increase: Expense and Revenue Accounts Cost of Goods Sold - Credited Sales Revenue - Credited Balance Sheet Accounts Assets Accounts Accounts Receivable or Cash depending on payment terms will be debited
Journal entry is as follows: [Debit] Cash 525 [Credit] Sales 500 [Credit] Sales tax payable 25