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What is the journal entry for the sale of inventory at a profit?
What is the journal entry for the sale of inventory at a profit?
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Practice Questions
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Q1
What is the journal entry for the sale of inventory at a profit?
Debit Cash, Credit Sales Revenue
Debit Sales Revenue, Credit Cash
Debit Cost of Goods Sold, Credit Inventory
Debit Inventory, Credit Cost of Goods Sold
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The correct entry for the sale of inventory at a profit is to debit Cash and credit Sales Revenue.
Questions & Step-by-step Solutions
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Q
Q: What is the journal entry for the sale of inventory at a profit?
Solution:
The correct entry for the sale of inventory at a profit is to debit Cash and credit Sales Revenue.
Steps: 4
Show Steps
Step 1: Identify the amount of cash received from the sale of inventory.
Step 2: Record the cash received by debiting the Cash account.
Step 3: Determine the sales revenue amount, which is the selling price of the inventory.
Step 4: Record the sales revenue by crediting the Sales Revenue account.
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