Q: Prepare the journal entries for the following credit card sales transactions (the company uses the perpetual inventory system): Sold $3,000 of merchandise with a cost of $1,500, on an assortment of credit cards. Net cash receipts are received 7 days later, and a 4% fee is charged....
When a customer gives cash or uses credit to pay for a good or service, you must make a sales journal entry. Learn how here.
A sales journal entry is a journal entry in thesales journalto record a credit sale of inventory. All of the cash sales of inventory are recorded in the cash receipts journal and all non-inventory sales are recorded in the general journal. ...
There are many different types of journal entries. For example, the journal entry for an item that has been sold on credit will record the value of the sale as a debit in the accounts receivable and as a credit in the sales account. If the item has been sold for cash, the journal en...
Entry #13— PGS’s first bank loan payment is due.Entry #14— PGS has more cash sales of $25,000 with cost of goods of $10,000.Entry #15— In lieu of paying himself, Paul decides to declare a $1,000 dividend for the year....
Click here for thefull lesson on Cash Expenses. 9. Journal Entry for Accounts Payable In this transaction we have an expense but we don't pay it straight away. The expense is owing. Aliabilityis thus created. When we owe our suppliers, we call themaccounts payable(orcreditors).Accounts pa...
Cash 75 October 1st: Purchased $1,000 of goods. Terms of the sale are 4/10, n/30 and FOB Shipping Point; the invoice is dated Oct 1. Entry: Merchandise Inv. 1000 Acc. Payable 1000 Oct 3rd: Paid $30 cash for freight charges from UPS for the Oct. 1 purchase. ...
Learn what accounts receivables (AR) are and understand their purpose in business. Explore different examples of AR and what the journal entry for...
For more information, see Set up sales tax reporting codes. Go to Tax > Indirect taxes > Sales tax > Sales tax codes. Select TVA19.6, and on the Report setup FastTab, in the Sale section, select the following: In the Taxable sales field, select 03. In the Sales tax payable field,...
How to Adjust a Journal Entry for Accrued Expenses. When a company maintains its books using the accrual basis, an expense that was incurred during the period is recorded in that period, even if it has not been paid by the end of the period or the vendor