A sales invoice is used as documentation for a journal entry that requires a debit to...
A sales invoice is used as documentation for a journal entry that requires a debit to Entry field with incorrect answer Accounts Receivable and a credit to Sales Revenue. Cash and a credit to Sales Revenue. Cash and a credit to Sales Returns and Allowances. Sales Returns and Allowances and a credit to Accounts Receivable.
Homework Answers
debit to Accounts Receivable and a credit to Sales Revenue
Reason:-
Since sales are done. Therefore it will be credited. However, since, invoice is used as documentation, therefore, it should be credit sales. Hence, accounts receivable is debited.
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A sales invoice is used as documentation for a journal entry
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