Question

Which account is credited, when goods are sold on credit ?
answer in one sentence...​
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Answer 1

Explanation:

When a company sells goods on credit, it reports the transaction on both its income statement and its balance sheet. On the income statement, increases are reported in sales revenues, cost of goods sold, and (possibly) expenses.

Answer 2

Answer:

Sales Account

Explanation:

When the goods are sold or sale is made then the following accounts are affected debtor's account and sales account. The entry which is recorded is

Debtor's A/c..............Dr   XXXX

    To Sales A/c..............Cr XXXX

So, the account which is credited when making sale on credit is Sales Account.

For example, Goods sold for Rs 500 to Mr. Rohit on credit. The entry would be

Mr Rohit A/c..........Dr Rs 500

    To Sales A/c........Cr  Rs 500