Research question

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Fabulous fruit company sales.
Sales, in accounting, are the revenues gotten when a business trades its goods and not the assets. Sales amount is calculated by multiplying the units of the product sold by the price per unit. In recording sales, ordinarily, the entries made will depend on whether they were made on cash, credit or in kind. Accounting for sales provides the business with an opportunity to calculate the gross profit or loss made from the sale. In doing this, cost of goods sold (which is calculated from purchases or produce, the opening and closing stock) is subtracted from the revenues obtained from the sale.
Although Fabulous Fruit Company is a family business, accounting for sales is done the same way other businesses do. The act of expanding its operations to Georgia provides the accounting department of the company with a responsibility to account for sales projected by the marketing department. Sales from the new operation are expected to start in the year 2019 and 2020 to local farmers’ markets before the huge produce expected in 2021 which can be sold both locally and globally.
Accounting properly for the sales which will be made in the year 2019 and 2020 now (the year 2018) should be done as a forecast. “Products • Summary of new products that will be produced in the next years • Forecast of unit sales for the coming year in each major country • World economic and industry outlook and totally expected industry units by major country or region • Competitive position goals Capacity and Cost .

..” (FASB, 2001 ASC para. 905-605-25-4). This is because the sales are just anticipated and therefore not actual as per now. When accounting for the same, they should project the expected operational expenses that will be related to sales so as to predict the gross profit or loss from the sales. “A sales journal entry records the revenue generated by the sale of goods or services. This journal entry needs to record three events…” (Stephen Brag 2017:1).
Works cited
Stephen Brag. Sales journal entry: Accounting Tools. 2017.
www.accountingtools.com/articles/sales-journal-entry.html