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What is the journal entry for recording the sale of goods for cash?

Practice Questions

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

Questions & Step-by-Step Solutions

What is the journal entry for recording the sale of goods for cash?
  • Step 1: Identify the accounts involved in the transaction. In this case, we have 'Cash' and 'Sales Revenue'.
  • Step 2: Determine the effect on the Cash account. Since cash is received, we will increase the Cash account.
  • Step 3: Determine the effect on the Sales Revenue account. Since we are earning money from the sale, we will increase the Sales Revenue account.
  • Step 4: Record the journal entry. Debit the Cash account and credit the Sales Revenue account.
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