In the first entry, we debit the accounts receivable account and credit the purchase returns and allowances account. This entry is made to recognize the return of merchandise. In the second entry, we debit thecash accountand the credit accounts receivable account. This entry is made when a re...
Sales Journal Entry Example Little Electrodes, Inc. is a retailer that sells electronics and computer parts. On January 1, Little Electrode, Inc. sells a computer monitor to a customer for $1,000. Little Electrode, Inc. purchased this monitor from the manufacturer for $750 three months ago....
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.
Import journal entries for QuickBooks Desktop Download and save the journal entry file (QBJ file) your accountant sent you. Open your company file in QuickBooks Desktop. Go to the File menu, select Utilities then Import. Select General Journal Entries. Find and select the QBJ file you s...
Journal Entry are brute force accounting entries. If you want Names on Banking transactions, you use Banking Transactions. You don't use JE. If you want Names for sales transactions, you don't use JE. You use Sales Transactions. It's best to avoid JE when...
Cr: Sales revenue 3. Sell receivables to another business (把 receivables 卖给别的公司) Dr: Cash Dr: Financing expense Cr: Accounts receivables/note receivables Inventory and cost of goods sold Journal Entry ➢Closing entries to record COGS – Periodic method ...
Entry: Cash 980 Sales Discount 20 Accounts Rec. 1000 (Returns received byseller) Customer returns merchandise on Nov 26th and the returned items had sold for $15 and cost $9. Entry: Sales Returns and Allowance $15 Cash $15 (Returned goods not defective) ...
Entry: Cash 980 Sales Discount 20 Accounts Rec. 1000 (Returns received byseller) Customer returns merchandise on Nov 26th and the returned items had sold for $15 and cost $9. Entry: Sales Returns and Allowance $15 Cash $15 (Returned goods not defective) ...
As the accounting manager at CRONUS, you need to create and post a debit journal entry that is divided between the Sales and Administration departments. The credit entry must not be separated by department. Use the following criteria to complete this journal entry: ...
TheGeneraltab shows various information, such as description, journal name, posting layer, detail level, line limits, and whether the journal is for a reversing entry. TheSetuptab shows the type of account, control whether theAmounts include sales tax, and gives you an option to overr...