Journal Entry Distributions—Proposals

Proposal transactions are not posted to the General Ledger. When you invoice the customer for items included in the proposal, the transaction is posted to the General Ledger in the following manner:

Sales Journal

Transaction	Debits	Credits
Invoice on account	Accounts Receivable*	Sales Income, Freight, and Sales Tax Payable

*For companies using the cash-basis accounting method, Accounts Receivable is replaced with <Cash Basis> and is not recorded in the General Ledger. Instead, income and cash are recorded when the payment is received for the sale.

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