Net income equals
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Gross profit - operating expenses
Other revenues plus gains include
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Interest revenue, dividend revenue, rent revenue , gain
Perpetual
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Individual sale
How to record credit sales
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Debit accounts receivable
Credit sales debit cost of goods sold credit merchandise inventory
When cash discounts are taken by customers the seller debits
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Sales discounts
How to record the sales discount
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Debit cash
Debit sales discount
Credit accounts receivable
Components of a multi step income statement
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Gross profit - operating expenses
Other revenues plus gains include
Give this one a try later!
Interest revenue, dividend revenue, rent revenue , gain
Perpetual
, Give this one a try later!
Individual sale
How to record credit sales
Give this one a try later!
Debit accounts receivable
Credit sales debit cost of goods sold credit merchandise inventory
When cash discounts are taken by customers the seller debits
Give this one a try later!
Sales discounts
How to record the sales discount
Give this one a try later!
Debit cash
Debit sales discount
Credit accounts receivable
Components of a multi step income statement
