answersLogoWhite

0


Best Answer

credit

User Avatar

Wiki User

โˆ™ 2009-06-25 17:52:28
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar
Study guides

๐Ÿ““
Create a Study Guide

Add your answer:

Earn +20 pts
Q: Is cost of goods sold debit or credit?
Write your answer...
Submit
Related questions

Journal entry to record cost of goods sold?

Debit finished goods inventoryCredit cost of goods sold


Why is salaries payable a natural debit balance?

cost of goods sold has a natural debit or credit balance


Does cost of goods sold have a natural debit or credit balance?

A natural debit because its an expense which are always debits.


What is a proper journal entry to close overapplied manufacturing overhead to Cost of Goods Sold?

[Debit] Cost of goods sold [Credit] Over-applied overhead


If you sold 1000.00 of inventory for 2000.00 on account where would you post these transactions in quiken?

Debit Accounts Receivable 2000 Debit Cost of Goods Sold 1000 Credit Sales 2000 Credit Inventory 1000


When is CGS recorded at credit side?

when the goods are sold , then the cost of goods sold is recorded at the credit side of the purchase ledger


Can you credit cost of goods sold?

Yes


Is open inventory a debit or credit?

Opening inventory Debit Cost of Sales Credit Inventory - balance sheet Closing inventory Debit Inventory - balance sheet Credit Cost of Sales An opening inventory is a debit as it is an increase is expenses as the opening inventory is expected to be sold in the coming accounting period. and any thing that is spent to provide goods or services to a customer is an expense.


What do you debit and credit on a credit sale?

Assume we are selling a dress on credit for $100; the dress has a cost of $80. Accounts receivable: debit 100 Sales: credit 100 Cost of goods sold: debit 80 Inventory: credit 80 The rationale is as follows: Inventory is an asset (normal debit balance), which is reduced (hence a credit) Accounts receivable is an asset (normal debit balance), which increases (hence a credit) A profit is made of 20, hence equity increases. Instead of applying a credit on retained earnings, temporary T-accounts are used (sales and cost of goods sold) Sales has a normal credit balance, hence it is credited Cost of goods sold has a normal debit balance, hence it is debited Notice that the two temporary T-accounts together are credited for 20, which is the profit margin


What is the Journal entry for goods sold?

debit accounts receivablecredit sales revenue


What is Journal entry for sold goods?

debit accounts receivablecredit sales revenue


What is the adjusting entry to decrease inventory?

credit inventory, debit cost of good sold.


What is the journal entry for goods sold for cash?

Debit cash / bankCredit sales revenue


What is the journal entry for goods sold to a?

[Debit] A account xxxx [Credit] Sales revenue xxxx


What is the journal entry for goods sold to sudhir for cash?

debit cashcredit sales revenue


What is the journal entry Sold goods for cash?

Debit cash / bankCredit sales revenue


What would the journal entry be for payment received for goods previously sold on credit?

debit cash / bankcredit accounts receivable


What is the journal entry for sold goods for cash?

[debit] Cash / bank xxxx [credit] sales xxxx


Cost of goods sold in cost accounting?

Cost of goods sold.


What is journal entry for if company sold merchandise with a 2052 cost for 2260 on credit to wildcat services?

debit accounts receivable 2260credit sales revenue 2260goods are always sold on profit so if cost is 2052 and sales value is 2260 then difference is the profit for company.


What is the difference between cost of good sold and cost of good sold statement?

Cost of goods sold is the total cost incurred for goods manufacturing while cost of goods sold statement is the document which shows the calculation of cost of goods sold.


What is journal sold goods to sourav?

Debit Cash / bank / Sourav xxxx Credit Sales Revenue xxxx


How do you make a journal entry for a sale return for damaged goods?

You would debit either sales returned or directly to sales deppendibg on the company procedure. You would then credit either the customer account in accounts receivable or bank if it was a cash transaction. Deppendibg on whether you are going to record the stock movement as well you should debit stock and credit cost of goods sold (this should be at the lower of cost or selling price).


What will journal entry of received R's 4000 as advance from a and sold goods to R's 6000 to a?

debit advance cash 4000credit A 4000debit a 6000credit sales revenue 6000


What is the journal entry for goods sold in cash or bank to party?

[Debit] Cash / Bank xxxx [Credit] Sales xxxx

People also asked

What is the opposite of debit?

View results

What is the journal entry for a cash purchase?

View results

Is cash sales debit or credit?

View results

How do you pass journal entry for loan received to introduce capital?

View results