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What is the journal entry for recording a cash sale of $1,000?

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Question: What is the journal entry for recording a cash sale of $1,000?

Options:

  1. Debit Cash $1,000, Credit Sales $1,000
  2. Debit Sales $1,000, Credit Cash $1,000
  3. Debit Cash $1,000, Credit Accounts Receivable $1,000
  4. Debit Accounts Receivable $1,000, Credit Cash $1,000

Correct Answer: Debit Cash $1,000, Credit Sales $1,000

Solution: 

The correct journal entry for a cash sale is to debit Cash and credit Sales.

What is the journal entry for recording a cash sale of $1,000?

Practice Questions

Q1
What is the journal entry for recording a cash sale of $1,000?
  1. Debit Cash $1,000, Credit Sales $1,000
  2. Debit Sales $1,000, Credit Cash $1,000
  3. Debit Cash $1,000, Credit Accounts Receivable $1,000
  4. Debit Accounts Receivable $1,000, Credit Cash $1,000

Questions & Step-by-Step Solutions

What is the journal entry for recording a cash sale of $1,000?
  • 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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