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What is the journal entry to record the sale of inventory at a profit?
What is the journal entry to record the sale of inventory at a profit?
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Practice Questions
1 question
Q1
What is the journal entry to record the sale of inventory at a profit?
Debit Cash, Credit Sales Revenue
Debit Cost of Goods Sold, Credit Inventory
Debit Cash, Credit Inventory
Debit Sales Revenue, Credit Cash
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The correct entry is to debit Cash and credit Sales Revenue, reflecting the cash received from the sale.
Questions & Step-by-step Solutions
1 item
Q
Q: What is the journal entry to record the sale of inventory at a profit?
Solution:
The correct entry is to debit Cash and credit Sales Revenue, reflecting the cash received from the sale.
Steps: 4
Show Steps
Step 1: Identify the cash received from the sale of inventory.
Step 2: Record the cash received by debiting the Cash account.
Step 3: Determine the amount of sales revenue generated from the sale.
Step 4: Record the sales revenue by crediting the Sales Revenue account.
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