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rivertusk33
Sep 9, 2008, 07:25 PM
What is the journal entry for received a check no. 656 from Satin Shoes Inc. customer number 1584, for $2545. The invoice number is 2221, and a sales discount of $50 was taken.

plonak
Sep 10, 2008, 11:35 AM
<dr>Cash 2495
<dr> Discount 50
<cr> Revenue 2545

bethann31000
Sep 10, 2008, 01:01 PM
What is the journal entry for received a check no. 656 from Satin Shoes Inc., customer number 1584, for $2545. The invoice number is 2221, and a sales discount of $50 was taken.
DR cash or bank 2495
CR income or sales 2545
DR discount 50