Skip to document
Welcome to StudocuSign in to access the best study resources
Guest user
0followers
HomeMy LibraryAsk AI
  • You don't have any recent items yet.
My Library
  • You don't have any courses yet.
  • You don't have any books yet.
  • You don't have any Studylists yet.

Lecture Documents Accounting - Sales Recording

Lecture Documents Accounting - Sales Recording
Course

Intro To Accounting (AC 210)

316 Documents
Students shared 316 documents in this course
Academic year: 2022/2023
Uploaded by:
Anonymous Student
This document has been uploaded by a student, just like you, who decided to remain anonymous.
University of Alabama

Recommended for you

Comments

Please sign in or register to post comments.

Students also viewed

Related documents

Preview text

Sales Recording

  1. sale of commercial goods. The sale of merchandise can be made in cash or on credit. Sales of merchandise by the seller will be recorded in 118 introduction to accounting I (Theory & Practice) estimated sales (Sales) next to the credit, and if the seller on credit will be recorded next to the debit estimated accounts receivable (accounts receivable) or when the cash increases in cash recorded next to the debit. The sale of merchandise on credit will certainly be given a payment deadline given to the buyer as in the case of the purchase above, and as proof of sale is written in the invoice (invoice). On September 15, PT sells goods to Toko BERKAH for Rp. 10.800, - with payment terms 2/10, n/30 with Invoice No. Date Description Ref. Debit To Credit 15 Sept. Accounts Receivable 10,800,000 Sales 10,800,000 2) sales returns and price reductions (sales return and allowances) sales of merchandise it often happens that goods sold are received back because they are damaged/defective or given a price reduction that will be recorded in the estimated sales returns and price reductions (sales return and allowances) next to the debit. For example, on September 16, PT. ABC received a return of defective goods from the blessing store for Rp. 300, - and given a credit note No. 311. Date Description Ref. Debit Credit Sept 16 Sales Returns and allowances 300,000 Accounts receivable 300,000 3) sales discounts sales of merchandise on credit are usually given a payment deadline and even sellers also provide incentives for buyers to speed up payments. The sales discount will be recorded on the estimated sales discounts next to the debit and

cash and next to the credit of trade receivables. Introduction to accounting I (Theory & Practice) 119 eg September 25, PT. ABC received the payment from Toko BERKAH after deducting 2% cash deduction from the remaining receivables. Date Description Ref. Debit To Credit 25 Sept. Cash 10,290, Sales Discounts 210,000 Accounts Receivable 10,500,000 then at the end of the month or end of the accounting period in the financial statements net sales will be reported as follows: Sales/Sales 10,800,000 Sales Returns and allowances / sales returns 300,000 Sales Discounts/sales pieces 210,000 (510,000) Net Sales/net sales 10,290,

Was this document helpful?

Lecture Documents Accounting - Sales Recording

Course: Intro To Accounting (AC 210)

316 Documents
Students shared 316 documents in this course

University: University of Alabama

Was this document helpful?
Sales Recording
1) sale of commercial goods. The sale of merchandise can be made in cash or on
credit. Sales of merchandise by the seller will be recorded in 118 introduction to
accounting I (Theory & Practice) estimated sales (Sales) next to the credit, and if
the seller on credit will be recorded next to the debit estimated accounts receivable
(accounts receivable) or when the cash increases in cash recorded next to the
debit. The sale of merchandise on credit will certainly be given a payment
deadline given to the buyer as in the case of the purchase above, and as proof of
sale is written in the invoice (invoice). On September 15, PT.ABC sells goods to
Toko BERKAH for Rp. 10.800.000, - with payment terms 2/10, n/30 with Invoice
No.211. Date Description Ref. Debit To Credit 15 Sept. Accounts Receivable
10,800,000 Sales 10,800,000 2) sales returns and price reductions (sales return
and allowances) sales of merchandise it often happens that goods sold are
received back because they are damaged/defective or given a price reduction that
will be recorded in the estimated sales returns and price reductions (sales return
and allowances) next to the debit. For example, on September 16, PT. ABC
received a return of defective goods from the blessing store for Rp. 300.000, - and
given a credit note No. 311. Date Description Ref. Debit Credit Sept 16 Sales
Returns and allowances 300,000 Accounts receivable 300,000 3) sales discounts
sales of merchandise on credit are usually given a payment deadline and even
sellers also provide incentives for buyers to speed up payments. The sales
discount will be recorded on the estimated sales discounts next to the debit and

Students also viewed

Related documents