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. ...
In order to record the sale of inventory, a business would add an entry into their financial books. There are mainly two different entries like debit and credit, depending on the type of sale.Inventory Sales Sales refers to the exchange of goods or services for something of value. There are...
In order to record the sale of inventory, a business would add an entry into their financial books. There are mainly two different entries like debit and credit, depending on the type of sale.Inventory Sales Sales refers to the exchange of goods or services for something of value. There are...
2. Write off uncollectible accounts Dr Allowance for Uncollectible Accounts Cr Accounts Receivable – Customer A Cr Accounts Receivable – Customer B 3. Recovery: I. Reinstate the AR: Dr Accounts receivable Cr Allowance for uncollectible accounts II. Record the collection of cash: Dr Cash Cr Accou...
Let’s say that you make a sale to a customer on credit. The total bill is $240, plus a 5% sales tax, which is $12. The customer charges a total of $252 on credit ($240 + $12). Your credit sales journal entry should debit your Accounts Receivable account, which is the amount...
a城市灾害频发 The city disaster frequency sends[translate] aThe credit side of the journal entry reduces the total of the cost of goods available for sale to the cost of goods actually sold. 分录记录的贷方减少物品的费用的共计可利用为销售到实际上被卖的物品的费用。[translate]...
Willow Rentals purchased office supplies on credit. The general journal entry made by Willow Rentals will include a: A.Debit to Accounts Receivable.B.Credit to Accounts Payable.C.Credit to Willow, Capital.D.Debit to Accounts Payable.E.Credit to Cash....
Accounting - Credit Sales Return Journal Entry In case of credit sales return, debit the sales ledger and credit the party ledger is this true or false. 2 Answers are available for this question.
aThe credit side of the journal entry reduces the total of the cost of goods available for sale to the cost of goods actualy sold. 分录记录的贷方减少物品的费用的共计可利用为销售到实际上被卖的物品的费用。[translate]
You must have the following information to create a journal entry:Accounting date Ledger account Debit or credit amount Offset account (can be entered on the same line or multiple lines)Use the Journal lines page to enter transactions within a journal. Select the Lines button on the Gen...