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Accounting At Your Fingertips, 2e by George R Murray

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4

Sales and Accounts Receivable

4.1 Recording Sales

4.2 Adjusting and Summarizing Sales

4.3 Accounts Receivable

4.4 Selling Accounts Receivable

4.5 Notes Receivable

4.1 Recording Sales

Timing of Sales

Recording Cash Sales

Recording Credit Sales

How and when can you record a sale? This subchapter answers that question and explains how to handle exceptions.

Timing of Sales

Under accounting’s accrual basis, sales revenue is recognized and can be legitimately recorded on the books in the period in which it is earned. For service businesses, this typically means when the services have been performed. For a manufacturing or merchandising business, ...

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