Alerts
Wishlist
Cart
Sign In
Categories
Current Affairs & GK
Current Affairs
Show All Current Affairs & GK
eBooks
General Aptitude
Arithmetic Aptitude
Data Interpretation
Show All General Aptitude
General Knowledge
Basic General Knowledge
General Science
Show All General Knowledge
Medical Science
Anatomy
Biochemical Engineering
Biochemistry
Biotechnology
Microbiology
Show All Medical Science
Technical
Database
Digital Electronics
Electronics
Networking
Show All Technical
Verbal and Reasoning
Logical Reasoning
Verbal Ability
Verbal Reasoning
Show All Verbal and Reasoning
›
What is the journal entry for recording a credit sale of $2,000?
What is the journal entry for recording a credit sale of $2,000?
Expand All
Collapse All
Practice Questions
1 question
Q1
What is the journal entry for recording a credit sale of $2,000?
Debit Accounts Receivable $2,000, Credit Sales $2,000
Debit Sales $2,000, Credit Accounts Receivable $2,000
Debit Cash $2,000, Credit Sales $2,000
Debit Sales $2,000, Credit Cash $2,000
Show Solution
Copy
The correct journal entry for a credit sale is to debit Accounts Receivable and credit Sales.
Questions & Step-by-step Solutions
1 item
Q
Q: What is the journal entry for recording a credit sale of $2,000?
Solution:
The correct journal entry for a credit sale is to debit Accounts Receivable and credit Sales.
Steps: 5
Show Steps
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.
Related Questions
I
If a company has a net income of $250,000 and total revenue of $1,000,000, what
Question: If a company has a net income of $250,000 and total revenue of $1,000,000, what is the pro..
A
A business incurs a loss of 15% on selling a product for $425. What was the cost
Question: A business incurs a loss of 15% on selling a product for $425. What was the cost price?Opt..
I
If a product is sold for $240 after a discount of 20%, what was the original pri
Question: If a product is sold for $240 after a discount of 20%, what was the original price?Options..
I
If a company has total assets of $1,000,000 and total liabilities of $600,000, w
Question: If a company has total assets of $1,000,000 and total liabilities of $600,000, what is the..
A
A firm has a current ratio of 2:1 and current liabilities of $50,000. What are t
Question: A firm has a current ratio of 2:1 and current liabilities of $50,000. What are the current..
‹
Biology (School & UG)
Chemistry (School & UG)
Civil Engineering
Commerce & Accountancy
Computer Science & IT
Current Affairs & GK
Data Structures & Algorithms
eBooks
Electrical & Electronics Engineering
English (School)
General Aptitude
General Knowledge
General Knowledge & Current Affairs
Languages & Literature
Law & Legal Studies
Major Competitive Exams
Mathematics (School)
Mechanical Engineering
Medical Science
Physics (School & Undergraduate)
Quantitative Aptitude & Reasoning
Social Science (School)
Technical
Verbal and Reasoning
Vocational & Skill Development
›
Soulshift Feedback
×
On a scale of 0–10, how likely are you to recommend
The Soulshift Academy
?
0
1
2
3
4
5
6
7
8
9
10
Not likely
Very likely
✕
↑
