What is the journal entry to record a sales receipt in Quickbook? What is the journal...

What is the journal entry to record a sales receipt in Quickbook?

What is the journal entry to record an invoice in Quickbook?

What is the journal entry to record a payment on an invoice from a customer in Quickbook?

What is the journal entry to record a bank deposit in Quickbook?

Solutions

Expert Solution

JOURNAL ENTRY TI RECORD SALES RECEIPT

Journal entry to record a sales receipt is same as recording any cash sales. If the sales is on credit basis or of the customer will be paying on a future date a sales invoice is used.

The journal entry to record sales receipt is that of cash sales

So the journal entry will be

Particular	Debit	Credit
Cash account (Dr.)
Sales account (Cr.)

Journal entry of sales invoice

The treatement of sales invoice is that of credit sales.

So the journal entry will be same as of credit sales. That is increase in sales account and increase in accounts receivable account.

Particular	Debit	Credit
Accounts receivable (Dr.)
Sales account (Cr.)

Journal entry to record payment from customer for sales receipt

Recording cash received from accounts receivable.

Particular	Debit	Credit
Cash account (Dr.)
Accounts receivable (Cr.)

Bank deposit

Bank depisot increases the bank account and decreases the cash account.

Particular	Debit	Credit
Bank account (Dr)
Cash account (Cr.)

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

3. Prepare the journal entry to record receipt of payment by Hamada LLC if the spot...

3. Prepare the journal entry to record receipt of payment by Hamada LLC if the spot rate on dirhams was 4.75 dirhams/GBP on April 2, 2020. Suppose that on February 1, 2020, Victoria, Plc., a British company, makes a sale and ships goods to Hamada, LLC, an Emirati customer, for 100,000 (GBP). However, it is agreed that Hamada will pay in dirhams on April 2, 2020. The exchange (spot) rate as of February 1, 2020 is 5 dirhams per Great...

RECORD IN JOURNAL ENTRY FORM 1. Record the journal entry for paying off a supplier invoice...

RECORD IN JOURNAL ENTRY FORM 1. Record the journal entry for paying off a supplier invoice of $10,000 for raw materials on September 28th: 2. Record the journal entry for receive cash from a new shareholder who gave your company $300,000 in exchange for 3,000 shares of common stock, where the current market price is $100 per share. 3. Your company wants to expand your company to Seattle and lease office space downtown. You find an office building where you...

JOURNAL ENTRY WORKSHEET a(1). Record the cash sales of $620,000. a(2). Record the cost of goods...

JOURNAL ENTRY WORKSHEET a(1). Record the cash sales of $620,000. a(2). Record the cost of goods sold of $289,350. b(1). Record the return by a customer of unsatisfactory merchandise that was in perfect condition. A cash refund of $5,400 was given to the customer. b(4). Record the merchandise returned by the customer back into inventory. The original cost of the merchandise was $3,500. c(1). Record the sales on account of $11,400 on terms 2/10, n/30. c(2). Record the cost of...

If Cantrell has $6,500 of cash sales that are subject to an 9% sales tax, what is the journal entry to record the cash sales?

Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $6,500 of cash sales that are subject to an 9% sales tax, what is the journal entry to record the cash sales?Debit Cash $6,500; credit Sales $5,915; credit Sales Taxes Payable $585.Debit Cash $7,085; credit Sales $6,500; credit Sales Taxes Payable $585.Debit Cash $6,500; credit Sales $6,500; and record the taxes when paid.Debit Sales Taxes Payable $585; debit Cash $5,915; credit Sales...

9. What is the journal entry to record the sale of $2,000 of merchandise on account?...

9. What is the journal entry to record the sale of $2,000 of merchandise on account? A. Dr. Accounts Receivable 2,000 Cr. Sales Revenue 2,000 B. Dr. Sales Revenue 1,900 Cr. Accounts Receivable 1,900 C. Dr. Accounts Payable 1,900 Cr. Sales Revenue 1,900 D. Dr. Cash 2,000 Cr. Sales Revenue 2,000 E. None of the above 10. Using the periodic method, what is the journal entry to record the purchase of $2,000 of merchandise inventory on credit, account? A. Dr....

prepare the journal entry to record payment of the note at maturity

Question: On November 7, 2017, Mura Company borrows $160,000 cash by signing a 90-day, 8% note payable with a face value of $160,000. (1) Compute the accrued interest payable on December 31, 2017, (2) prepare the journal entry to record the accrued interest expense at December 31, 2017, and (3) prepare the journal entry to record payment of the note at maturity

Record the following transactions. (If no entry is required for a transaction/event, select "No journal entry...

Record the following transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. (a) Started business by issuing 10,000 shares of common stock for $30,000. (b) Hired Rebecca as an administrative assistant, promising to pay her $2,900 every two weeks. (c) Rented a building for three years at $570 per month and paid six months' rent in advance. (d) Purchased equipment for $5,000 cash. (e) Purchased $1,900 of supplies on...

Record the following transactions. (If no entry is required for a transaction/event, select "No journal entry...

Record the following transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $20,000. (b) Hired Rebecca as an administrative assistant, promising to pay her $2,700 every two weeks. (c) Rented a building for three years at $590 per month and paid six months' rent in advance. (d) Purchased equipment for $5,100 cash. (e) Purchased $2,100 of supplies on account....

1. What is the journal entry to record depreciation for a tractor that originally cost $100,000,...

1. What is the journal entry to record depreciation for a tractor that originally cost $100,000, has no salvage value, and a useful life of 5 years? Does the entry to record depreciation on the tractor affect net income? 2. What is the book value of the tractor after year 1 of depreciation? How did you calculate it? What is the book value of the tractor after 5 years of depreciation? What does this mean? 3. During the closing process,...

Record each transaction in the journal. Be sure to record the date in each entry. Explanations...

Record each transaction in the journal. Be sure to record the date in each entry. Explanations are not required. 2. Post the transactions to the T-accounts, using transaction dates as posting references. Label the ending balance of each account Bal. 3. Prepare the trial balance of Wortham ServicesWortham Services, Inc., at OctoberOctober 31 of the current year. 4. MarkMark WorthamWortham, the manager, asks you how much in total resources the business has to work with, how much it owes, and...

Subjects