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What is the journal entry to record a cash sale of $1,000?
What is the journal entry to record a cash sale of $1,000?
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Practice Questions
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Q1
What is the journal entry to record a cash sale of $1,000?
Debit Cash $1,000, Credit Sales Revenue $1,000
Debit Sales Revenue $1,000, Credit Cash $1,000
Debit Cash $1,000, Credit Accounts Receivable $1,000
Debit Accounts Receivable $1,000, Credit Cash $1,000
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The correct entry is to debit Cash and credit Sales Revenue, reflecting the increase in cash and revenue from the sale.
Questions & Step-by-step Solutions
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Q
Q: What is the journal entry to record a cash sale of $1,000?
Solution:
The correct entry is to debit Cash and credit Sales Revenue, reflecting the increase in cash and revenue from the sale.
Steps: 5
Show Steps
Step 1: Identify the transaction. In this case, we have a cash sale of $1,000.
Step 2: Determine the accounts involved. We have 'Cash' and 'Sales Revenue'.
Step 3: Decide which account to debit. Since cash is increasing, we will debit the Cash account.
Step 4: Decide which account to credit. Since sales revenue is increasing, we will credit the Sales Revenue account.
Step 5: Write the journal entry. It will look like this: Debit Cash $1,000 and Credit Sales Revenue $1,000.
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