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

These questions are based on the following information, These questions are...

These questions are based on the following information and should be viewed as independent situations. Popper Co. acquired 80% of the common stock of Cocker Co. on January 1, 200

Trial balance, List of things to include in a trial balance before adjustme...

List of things to include in a trial balance before adjustments

Fixed assets, Fixed Assets An additional categorization other than curr...

Fixed Assets An additional categorization other than current or long-term is as well used for property. A "fixed asset" is an asset which is planned to be of a lasting nature a

Describe exceptions to the realization principle, Q. Describe Exceptions to...

Q. Describe Exceptions to the realization principle? Exceptions to the realization principle: The following illustrations are instances when practical considerations may cause

Calculate price earnings ratio and payout ratio, Discuss and give reasons w...

Discuss and give reasons why a business would act in a socially responsible manner. Part A:  'Two of the key accounting reports available to users of accounting informati

International recommendations on how IAS 40 can be improved, I need an expe...

I need an experts advice, I''m nearly finished with my Dissertation on IAS 40 - but I need some more guidance on issues with the standard and how it can be improved

Interpret the coefficients , A Use the CPS data to calculate mean log(wage)...

A Use the CPS data to calculate mean log(wage) for women and men. log(wage) is coded as the variable LNWAGE and the variable FE is coded 1 for female and 0 for male.) First use the

Prepare the accounting journal and fasb, Scanlon Technologies, Inc. Ann...

Scanlon Technologies, Inc. Anne Scanlon founded Scanlon Technologies, Inc., in 1993. The company designed andmanufactured high-tech products that were used in various industrie

Illustrate unearned service fees, Q. Illustrate unearned service fees? ...

Q. Illustrate unearned service fees? Micro Train reports the service income in its income statement for 2010. The company enters the USD 3000 balance in the Unearned Service Fe

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