chapter5- Accounting for sales, VAT and discounts Flashcards
1
Q
What is the double entry for a credit sale? (3 parts)
A
Cr Sales
Cr VAT
Dr Receivables
2
Q
What is the double entry once a customer pays in a credit sale?
A
dr bank
cr receivables
3
Q
What is the double entry when a discount allowed has been taken advantage of?
(3parts)
A
Dr discount allowed (expense)
Dr VAT
Cr receivables
