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. ...
This is how the sales journal entry would look: DateAccountNotesDebitCredit X/XX/XXXXAccounts Receivable252 Sales Tax Payable12 Revenue240 How to make a sales accounting entry: Goods If your business deals with inventory, your sales journal entries are going to get a little more complex. ...
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.
The inventory journal includes entries for debit and credit sales. How do you account for inventory in accounting? There are two systems to account for inventory. These systems are as follows: perpetual system which accounts for inventory through technology and periodic system, a physical accounting...
Go to Accounts receivable > Payments > Customer payment journal. On the Action Pane in the upper part of the page, select New. In the Name field, enter CustPay. The system defaults the Description to Customer payment. On the upper Action Pane, select the Enter customer payments tab. ...
When you try to use the Sales Transaction Entry window in Microsoft Dynamics GP, you receive the following error message: Transaction Level Posting Has Not Completed. Your previous transaction-level posting has not finished processing. Please allow time for it to finish. ...
At the end of the day, the cash register system shows $3,000 of cash sales, but the count of cash in the register is $2,950. The appropriate journal entry to account for this difference includes:A.Debit to Cash for $50.B.Debit to Cash Over and Short for $50.C.Credit to ...
Fees and charges can be added to the return order through one or more of the following methods: You can manually add charges to the return order header, the return order line, or both. Charges can be automatically added to the return order header as a function of the return reason code...
Depending on your business needs, you can get paid and register a payment in different ways: manually, automatically, and through payment services. You can process the payments straight from the customer card. Use theRegister Customer Paymentsaction to get an overview of unpaid invoices for that ...
When you try to access, to enter, to save, to print, or to post transactions in the Sales Transaction Entry window in Microsoft Dynamics GP, you receive one of the following error messages:A get/change operation on table failed accessing SQL data A get/change operation on table 'SOP_HDR...