Sales is an activity which involves the transfer of goods from one person to another, along with the transfer of goods, it also means the transfer of ownership and risk in the goods. In exchange for the goods, a payment is received immediately or in the future, which means the goods are sold in cash or credit. Cash sales means immediate receipt of money for the goods and credit sales means the receipt of money is determined for some time in the future. Each time a sales is made, the sales account is credited and the cash or bank Continue reading...