Question
In: Accounting
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.) |
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