What is the journal entry for recording sales revenue of $5,000?

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Question: What is the journal entry for recording sales revenue of $5,000?

Options:

Correct Answer: Debit Cash $5,000, Credit Sales Revenue $5,000

Solution:

The correct journal entry is to debit Cash and credit Sales Revenue, reflecting the increase in cash from sales.

What is the journal entry for recording sales revenue of $5,000?

What is the journal entry for recording sales revenue of $5,000?

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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