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What is the journal entry for recording sales revenue of $5,000?
What is the journal entry for recording sales revenue of $5,000?
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What is the journal entry for recording sales revenue of $5,000?
Debit Cash $5,000, Credit Sales Revenue $5,000
Debit Sales Revenue $5,000, Credit Cash $5,000
Debit Accounts Receivable $5,000, Credit Sales Revenue $5,000
Debit Sales Revenue $5,000, Credit Accounts Receivable $5,000
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The correct journal entry is to debit Cash and credit Sales Revenue, reflecting the increase in cash from sales.
Questions & Step-by-step Solutions
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Q: What is the journal entry for recording sales revenue of $5,000?
Solution:
The correct journal entry is to debit Cash and credit Sales Revenue, reflecting the increase in cash from sales.
Steps: 5
Show Steps
Step 1: Identify the amount of sales revenue, which is $5,000.
Step 2: Determine the accounts involved in the transaction. We have Cash and Sales Revenue.
Step 3: Since we received cash from the sale, we will increase the Cash account. This is done by debiting Cash.
Step 4: Since we made a sale, we will also increase the Sales Revenue account. This is done by crediting Sales Revenue.
Step 5: Write the journal entry: Debit Cash for $5,000 and Credit Sales Revenue for $5,000.
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