What is debit sales and credit cash in accounting? - Answers
Nov 7, 2022 · A debit on sales, while crediting cash means a cash refund to a customer.A sales transactionFor a service provider, the journal entry for a cash sales transaction has a debit on cash, and a credit ...
Will a debit increase sales? - Answers
Sep 23, 2023 · Sales has credit balance as default balance so it means only credit can increase the sales and that;s why all debit reduces the sales because it is reverse of credit balance. Wiki User ∙ 9 y ago
Is sales revenue closed with debit or credit? - Answers
Sep 17, 2023 · When goods refund:[Debit] Sales returns[Credit] accounts receivable / cashAdjusting entry:[Debit] sales revenue[Credit] Sales returns. Is sales a credit or debit?
Does sales returns and allowances have a normal debit balance?
Sep 19, 2023 · That is correct. Sales and returns allowances is what is called a "Contra" account because it exists to reduce the net balance of an account. Sales is a credit account, so you debit sales returns ...
Journal entry for credit sales - Answers
Sep 14, 2023 · Buyer a/c dr. To Sales a/c. The GAAP shows such an entry as: Account Receivable (debit) $$$ Sales (Revenue) (credit) $$$ This is based on Double-Entry Accounting as standardized by the GAAP. For ...
Is return inwards a debit or credit? - Answers
Apr 28, 2022 · Best Answer. Debit. Anonymous ∙. Lvl 1. ∙ 3y ago. Resources. Leaderboard All Tags Unanswered. Top Categories. Algebra Chemistry Biology World History English Language Arts Psychology Computer ...
Does sales have a normal debit balance? - Answers
Sep 18, 2023 · What is a normal balance account of a Sales discount? Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.
Is the Sales discount account a debit or credit? - Answers
Sales discount is subtracted from gross sales in arriving at net sales. It is a contra revenue account, so it is ALWAYS debit.
Is cash in the bank debit or credit? - Answers
Sep 16, 2023 · Wiki User. ∙ 15y ago. Best Answer. Cash you have deposited into a bank is credit. Money to be paid back later is debit. Wiki User. ∙ 15y ago. More answers. Anonymous ∙.
Why does the sales ledger control account has both debit and
Sep 24, 2023 · Be notified when an answer is posted. 📣 Request Answer. Q: Why does the sales ledger control account has both debit and credit balances? Resources. Leaderboard All Tags Unanswered.