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Debit: Sales Returns & Allowances
Credit: Accounts Receivable
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∙ 11y ago
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What entries are posted to the cash payment journal and not the general journal?
Are the payment for cash(people who came and buy for cash ) Any entry can be posted into the general journal. It is really messy and long to post the stuff in the sales, sales returns and allowances, purchases and purchases returns and allowances jounal into the general jounal so those journals are created to make things easier. So basically, any entries that are posted to the cash payments journal can be posted to the general journal.
How do you post the closing journal entry for sales returns?
debit sales accountcredit sales return account
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.
What accounts has a normal debit balance a Merchandise Inventory b Delivery Expense c Sales Returns and Allowances d Sales?
Sales Returns and Allowances
Does sales returns and allowances have a normal debit balance?
That is correct. Sales and returns allowances is what is called a "Contra" account because it exists to reduce the net balance of an account. Sales is a credit account, so you debit sales returns and allowances in order to reduce your net sales.
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.
What entries are posted to the cash payment journal and not the general journal?
Are the payment for cash(people who came and buy for cash ) Any entry can be posted into the general journal. It is really messy and long to post the stuff in the sales, sales returns and allowances, purchases and purchases returns and allowances jounal into the general jounal so those journals are created to make things easier. So basically, any entries that are posted to the cash payments journal can be posted to the general journal.
How do you post the closing journal entry for sales returns?
debit sales accountcredit sales return account
The Sales Returns and Allowances account is classified as a?
Sales Returns and Allowances are contra revenue accounts because they reduce that total amount of sales. [Sales-Sales returns and allowances=Net sales]. They are reported on the income statement.
What is debit sales and credit cash in accounting?
A debit on sales, while crediting cash means a cash refund to a customer.A sales transactionFor a service provider, the journal entry for a cash sales transaction has a debit on cash, and a credit on sales. Assuming a sales price of $100:cash 100 (debit)sales 100 (credit)A refundIf for whatever reason the customer requests (and receives) a (partial) refund, sales is reduced. The journal entry of a $30 refund would be the reverse of the above: sales 30 (debit)cash 30 (credit)Alternative journal entryHowever, companies would normally like to keep track of the amount of refunds. Instead of using 'sales' with a refund, a different T-account is used:sales allowances 30 (debit)cash 30 (credit)Sales allowances is a contra-T account to sales, and presented jointly in the income statement (sales minus sales allowances is net sales).For a trading company, there can also be sales returns (physical return of the goods), or a T-account 'sales returns and allowances'
What is sales returns and allowances classified as?
An income account. Debit Returns & Allowances, Credit Cash.
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.
What accounts has a normal debit balance a Merchandise Inventory b Delivery Expense c Sales Returns and Allowances d Sales?
Sales Returns and Allowances
What kind of an account are sales return and allowances?
Sales Returns and Allowances is a contra income account.
Is a sales return and allowances a liability?
Sales returns and allowances is not a liability rather these are expenses or reduction in actual sales
What section would sales returns and allowances be on the income statement?
Sales returns and allowances reduces the actual sales value that;s why shown as deduction from Sales Revenue in Income Statement
Does sales returns and allowances have a normal debit balance?
That is correct. Sales and returns allowances is what is called a "Contra" account because it exists to reduce the net balance of an account. Sales is a credit account, so you debit sales returns and allowances in order to reduce your net sales.
