Question

Sold goods to Mr x journal entry?

Answer 1

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JOURNAL ENTRY.....

Mr. X ....... Dr.
To Sales A/c

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Answer 2

Journal entry will be -

If goods are sold for cash entry will be -

Cash A/C DR

        To Sales A/C

(Being goods sold for cash)

If goods are sold on credit entry will be-

Mr. X A/C DR

   To Sales A/C

(Being goods sold on credit)

• All of a business's transactions are initially recorded in a journal. The act of journalising involves recording transactions in a journal. Each transaction has a debit and a credit impact on the accounts.
• A journal entry is often made in the general ledger, but it can also be made in a subsidiary ledger and subsequently rolled forward into the general ledger after being summarized.
• The date, the amount to be credited and debited, a brief description of the transaction, and the accounts involved are all included in each journal entry along with other information pertinent to a single business transaction.

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