What is sales transaction, Accounting Basics

Assignment Help:

Q. What is sales transaction?

- In a sales transaction the seller transmits the legal ownership (title) of the goods to the buyer.

- An invoice is a document prepared by the seller of merchandise as well as sent to the buyer that contains the details of a sale such as the number of unit price, units sold, total price, terms of sale and manner of shipment.

- Generally sales are for cash or on account when a sale is for cash the debit is to Cash and the credit is to Sales. While a sale is on account the debit is to Accounts Receivable and the credit is to Sales.


Related Discussions:- What is sales transaction

Error cause a trial balance, Which error will cause a trial balance not to ...

Which error will cause a trial balance not to balance? A an invoice entered as a credit note on original input. B a journal entry that does not balance. C a transaction entere

What is the center of gravity, A supplier to the electric utility industry...

A supplier to the electric utility industry produces power  generators.  The Transportation costs are high.  One  market area includes the lower part  of  the Great  Lakes region

Survey of accounting issues, Required: Record the following transaction on...

Required: Record the following transaction on the spreadsheet, total each column a. Issued 100 shares of common stock for $12 per share, par=$1, on Jan 15, 2011. b. On Feb. 5 pu

Inventory, 20 hypothetical inventory transactions both sale and purchase

20 hypothetical inventory transactions both sale and purchase

Explain merchandise inventories, Q. Explain Merchandise inventories? Me...

Q. Explain Merchandise inventories? Merchandise inventories are goods supposed for sale. Section 6 starts our discussion of merchandise inventories.

The bayside company uses the lifo cost flow method, The Bayside Company use...

The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye

Determine the types of credit card sales, Determine the types of Credit car...

Determine the types of Credit card sales Bank Credit Card Sales - Most retail businesses accept bank credit cards. Treated as a CASH sale. Recording Bank Credit Card Sale

Effects of bias in terms of accounting, Q. Effects of bias in terms of acco...

Q. Effects of bias in terms of accounting? Where there is no correspondence the cause may be (a) bias or (b) lack of completeness. - Effects of bias. Accounting measuremen

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd