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What is the journal entry for recording a credit sale of $2,000?

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Question: What is the journal entry for recording a credit sale of $2,000?

Options:

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

Correct Answer: Debit Accounts Receivable $2,000, Credit Sales $2,000

Solution: 

The correct journal entry for a credit sale is to debit Accounts Receivable and credit Sales.

What is the journal entry for recording a credit sale of $2,000?

Practice Questions

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

Questions & Step-by-Step Solutions

What is the journal entry for recording a credit sale of $2,000?
  • Step 1: Identify the accounts involved in the credit sale. In this case, we have 'Accounts Receivable' and 'Sales'.
  • Step 2: Determine the amount of the credit sale, which is $2,000.
  • Step 3: Record the debit entry. Since we are increasing 'Accounts Receivable', we debit it by $2,000.
  • Step 4: Record the credit entry. Since we are increasing 'Sales', we credit it by $2,000.
  • Step 5: Write the journal entry: Debit Accounts Receivable $2,000 and Credit Sales $2,000.
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