Sales invoice - Invoice issued to the customer XYZ Ltd. for £1000 (Incl. VAT of £166.67), with payment term 30 days. Post journal for it.

Question

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Solution 1

Sure, here is the journal entry for the sales invoice:

Debit: Accounts Receivable (XYZ Ltd.) £1000
Credit: Sales Revenue £833.33
Credit: VAT Payable £166.67

Explanation:

When the invoice is issued, the company recognizes an account receivable, which is a debit entry. This is the total Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.

Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
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