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What is the journal entry to record the sale of goods for cash?

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Question: What is the journal entry to record the sale of goods for cash?

Options:

  1. Debit Cash, Credit Sales Revenue
  2. Debit Sales Revenue, Credit Cash
  3. Debit Accounts Receivable, Credit Sales Revenue
  4. Debit Sales Revenue, Credit Accounts Receivable

Correct Answer: Debit Cash, Credit Sales Revenue

Solution: 

The correct entry is to debit Cash to increase it and credit Sales Revenue to recognize the income.

What is the journal entry to record the sale of goods for cash?

Practice Questions

Q1
What is the journal entry to record the sale of goods for cash?
  1. Debit Cash, Credit Sales Revenue
  2. Debit Sales Revenue, Credit Cash
  3. Debit Accounts Receivable, Credit Sales Revenue
  4. Debit Sales Revenue, Credit Accounts Receivable

Questions & Step-by-Step Solutions

What is the journal entry to record the sale of goods for cash?
  • Step 1: Identify the transaction - You sold goods and received cash.
  • Step 2: Determine the accounts involved - Cash and Sales Revenue.
  • Step 3: Increase the Cash account - Since you received cash, you need to debit (add) the Cash account.
  • Step 4: Recognize the income - You need to credit (add) the Sales Revenue account to show that you earned money from the sale.
  • Step 5: Write the journal entry - Debit Cash and Credit Sales Revenue.
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