what is journal entry for the credit sales and purchases
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Answer / dhanpal singh
vendor a/c dr
sale tax a/c dr
To inventory a/c
To sale tax payable a/c
as per tally accounting
| Is This Answer Correct ? | 9 Yes | 4 No |
Answer / mohd asif
purchase a/c dr
sundry creditors a/c cr
sundry debtors a/c dr
sales cr
| Is This Answer Correct ? | 5 Yes | 2 No |
Answer / hafiz m.usman
CREDIT PURCHASE
Inventory a/c (Dr)
sales Tax a/c (Dr)
Supplier a/c (Cr)
CREDIT SALES
Customer a/c (Dr)
sales Tax a/c (Cr)
Inventory a/c (Cr)
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / cecil
Journal entry is an entry to the journal.
Journal is a record that keeps accounting transactions in chronological order, i.e. as they occur.
Ledger is a record that keeps accounting transactions by accounts.
Account is a unit to record and summarize accounting transactions.
All accounting transactions are recorded through journal entries that show account names, amounts, and whether those accounts are recorded in debit or credit side of accounts.
http://accountinginfo.com/study/je/je-01.htm
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