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When merchandise is sold for 500 dollars plus 5 percent sales tax the Sales account should be credited for 525 dollars?
Journal entry is as follows: [Debit] Cash 525 [Credit] Sales 500 [Credit] Sales tax payable 25
Does cash sales and credit sales equal net sales?
yes they do but if the cash sales and credit sales ar the same number they equal subsales
Is sales a credit or debit?
Sales is a revenue account and all revenues has credit balance as default balance so sales also has credit as default balance while cash or accounts receivable will be debited against it.
What is the difference between credit sales and accounts payable?
Credit sales referes to sales and accounts payable referes to bank
Will a debit increase sales?
Sales has credit balance as default balance so it means only credit can increase the sales and that;s why all debit reduces the sales because it is reverse of credit balance.
When merchandise is sold for 500 dollars plus 5 percent sales tax the Sales account should be credited for 525 dollars?
Journal entry is as follows: [Debit] Cash 525 [Credit] Sales 500 [Credit] Sales tax payable 25
What is the importance of credit sales?
Credit Sales increases the amount of sales and sales volume.
Does cash sales and credit sales equal net sales?
yes they do but if the cash sales and credit sales ar the same number they equal subsales
Difference between credit sales and credit purchases?
credit sales are sales you have made on credit, so they still owe you the money for that item. credit purchases are things you have purchased from your suppliers on credit and therefore you owe the money for
How do you account cash sales return?
[Debit] Sales return [Credit] Cash /bank [Debit] Sales [Credit] Sales return
Is sales a debt or credit?
A credit.
Is sales a credit or debit?
Sales is a revenue account and all revenues has credit balance as default balance so sales also has credit as default balance while cash or accounts receivable will be debited against it.
What were Credit Agricole's sales in 1995?
Credit Agricole had 1995 sales of $32.34 billion
What is the difference between credit sales and accounts payable?
Credit sales referes to sales and accounts payable referes to bank
Will a debit increase sales?
Sales has credit balance as default balance so it means only credit can increase the sales and that;s why all debit reduces the sales because it is reverse of credit balance.
Is product sales normally debit or credit?
Sales revenue has a credit balance as a normal balance so product sales also has credit balance as normal balance.
Is accounts receivable included in sales?
There are two kinds of sales, one is cash sales and other once is credit sales. Whenever sales are made on credit it will create accounts receivable which will be shown in balance sheet as current asset. So it means that accounts receivables are created due to credit sales so it is already included in sales So; Total Sales = Cash Sales + Credit Sales (Accounts Receivable)
