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What is the journal entry for recording a cash sale of $1,000?
What is the journal entry for recording a cash sale of $1,000?
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Q1
What is the journal entry for recording a cash sale of $1,000?
Debit Cash $1,000, Credit Sales $1,000
Debit Sales $1,000, Credit Cash $1,000
Debit Cash $1,000, Credit Accounts Receivable $1,000
Debit Accounts Receivable $1,000, Credit Cash $1,000
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The correct journal entry for a cash sale is to debit Cash and credit Sales.
Questions & Step-by-step Solutions
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Q: What is the journal entry for recording a cash sale of $1,000?
Solution:
The correct journal entry for a cash sale is to debit Cash and credit Sales.
Steps: 5
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Step 1: Identify the transaction type. In this case, it is a cash sale.
Step 2: Determine the amount of the cash sale. Here, it is $1,000.
Step 3: Record the increase in cash. This is done by debiting the Cash account for $1,000.
Step 4: Record the revenue from the sale. This is done by crediting the Sales account for $1,000.
Step 5: Write the journal entry: Debit Cash $1,000 and Credit Sales $1,000.
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