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How do you record a journal entry for the cost of a sale?

Updated: 9/23/2023

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∙ 9y ago

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debit cost of sales
credit cash / bank

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Continue Learning about Accounting

How do you record a journal entry for sale of equipment?

Debit cash / bankCredit equipment

Journal entry to record physical inventory?

To record the purchase of physical inventory: Dr. inventory Cr. cash To record sale of physical inventory: Dr. cost of goods sold Cr. inventory

What need to happen when recording a journal entry for a sale account?

To record a journal entry for sales, the possession of goods or services is transferred from business to client or end user.

How do you record journal entry of SALE land on credit?

debit accounts receivablecredit land account

How do you record a journal entry for an installment sale?

Installment A/r(dr) Installment sales(cr)

Related questions

How do you record a journal entry for sale of equipment?

Debit cash / bankCredit equipment

What is the journal entry to record a sale from inventory with a trade in?

Sales >>>Cash/Accounts Rec/NotesRec Cost of Goods Sold >>>Merchandise Inventory

How do you record a journal entry for sale on account?

Debit accounts receivableCredit sales revenue

Journal entry to record physical inventory?

To record the purchase of physical inventory: Dr. inventory Cr. cash To record sale of physical inventory: Dr. cost of goods sold Cr. inventory

How do you record journal entry of SALE land on credit?

debit accounts receivablecredit land account

How do you record a journal entry for an installment sale?

Installment A/r(dr) Installment sales(cr)

What need to happen when recording a journal entry for a sale account?

To record a journal entry for sales, the possession of goods or services is transferred from business to client or end user.

What is the journal entry to record sale of donated assets?

[Debit] Cash / bank xxxx [Credit] Sale of donated asset xxxx

How do you record a journal entry for a purchace of equipment at a fire sale?

debit equipment accountcredit cash / bank

How do you record adjusting journal entry for credit sale?

Type your answer here... party a/c Dr. to sales

What is the format of the a journal entry to record the sale of inventory on account?

debit accounts receivablecredit sales revenue

What is the journal entry to record sale of merchandise?

Debit accounts receivable / cash / bankCredit sales revenue

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