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What is the journal entry to record the sale of goods for cash?
What is the journal entry to record the sale of goods for cash?
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Practice Questions
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Q1
What is the journal entry to record the sale of goods for cash?
Debit Cash, Credit Sales Revenue
Debit Sales Revenue, Credit Cash
Debit Accounts Receivable, Credit Sales Revenue
Debit Sales Revenue, Credit Accounts Receivable
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The correct entry is to debit Cash to increase it and credit Sales Revenue to recognize the income.
Questions & Step-by-step Solutions
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Q
Q: What is the journal entry to record the sale of goods for cash?
Solution:
The correct entry is to debit Cash to increase it and credit Sales Revenue to recognize the income.
Steps: 5
Show Steps
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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