Journal Entry for Cash Sales
Answers
Answer:
Journal Entry
Explanation:
Cash A/c Dr.
To Sales A/c
(Being goods sold)
Answer:
In the case of a cash sale, the entry is: [debit] Cash. Cash is increased, since the customer pays in cash at the point of sale.
In the case of a cash sale, the entry is: [debit] Cash. Cash is increased, since the customer pays in cash at the point of sale....
If a customer was instead extended credit (to be paid later), the entry changes to the following:
a customer was instead extended credit (to be paid later), the entry changes to the following:[debit] Accounts receivable. ...
a customer was instead extended credit (to be paid later), the entry changes to the following:[debit] Accounts receivable. ...[debit] Cost of goods sold. ...
a customer was instead extended credit (to be paid later), the entry changes to the following:[debit] Accounts receivable. ...[debit] Cost of goods sold. ...[credit] Revenue. ...
a customer was instead extended credit (to be paid later), the entry changes to the following:[debit] Accounts receivable. ...[debit] Cost of goods sold. ...[credit] Revenue. ...[credit] Inventory.