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Accounting & Bookkeeping & Small Business Forum
Accounting, Bookkeeping, Marketing, and Small Business Resource
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Guest
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| Posted: Wed Aug 11, 2004 4:32 am Post subject: Accounting for Sales |
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| I have a client that his daily sales are not deposited into the bank account on a regular basis. For example, is total sales for one day is $1000, day two $500, and day three $1500 at the end of the week he is not depositing $3000. He depositing $2500. How should record the sales? Some of the money he uses it for his own withdrawal (I know is an owner's withdrawal on the books). Also should he get a 1099 at the end of the year? Thanks, Angela |
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Guest
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| Posted: Wed Aug 11, 2004 2:51 pm Post subject: RE: Accounting for Sales |
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| Assuming the client is a proprietorship, any differences should be debited to Owner's Draws. Ask the client to provide any documents that show cash payments for business expenses and you will credit owner's draws and debit the appropriate expense account using a general journal entry. |
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Guest
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| Posted: Mon Aug 30, 2004 11:32 pm Post subject: RE: Accounting for Sales |
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Cash $2,500.00
Owner's Draw 500.00
Sales $3,000.00 |
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Guest
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| Posted: Mon Aug 30, 2004 11:34 pm Post subject: RE: Accounting for Sales |
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debit cash for 2,500.00
debit owners draw 500.00
credit sales 3,000.00 |
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