Search results
Results from the WOW.Com Content Network
To allow the buyer to purchase an item or service from that seller on a future date, i.e. a gift card or store card credit. Credit notes may be issued by a seller as a goodwill gesture to a buyer who wishes to return previously purchased merchandise (instead of cash repayment) in circumstances where the original sales agreement did not include an explicit refund policy for returned items.
General Journal - Sales discount example Date Description of entry Debit Credit 9-1 Accounts Receivable (Customer A) 500.00 Sales 500.00 Merchandise sale on account, terms 2/10, n/30. 9-7 Cash 490.00 Sales Discounts 10.00 Accounts Receivable (Customer A) 500.00 A/R paid by Customer A, taking a 2% discount.
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
Folio Number: Every page of a journal is numbered. This number is known as a folio number. [5] The folio number is used as a cross reference between the journal and the ledger accounts. The use of folio numbers makes it easy to refer back from the ledger account to the journal entry or forward from the journal entry to the ledger account.
A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company's debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit. The total of the debits must equal the ...
Many stores also refuse to refund certain items like reading materials, inflatable airbeds (Target and Walmart), and even portable heaters (Dollar General). Another problem is when customers legitimately purchase an item, then re-enter the store with the receipt, take an identical item off the shelf, and approach the customer service desk ...
Using the rules of double-entry, these journal summaries are then transferred to their respective accounts in the ledger, or account book. For example, the entries in the Sales Journal are taken and a debit entry is made in each customer's account (showing that the customer now owes us money), and a credit entry might be made in the account for ...
A general journal is a daybook or subsidiary journal in which transactions relating to adjustment entries, opening stock, depreciation, accounting errors etc. are recorded. The source documents for general journal entries may be journal vouchers, copies of management reports and invoices.