debit cost of sales
credit cash / bank
Debit cash / bankCredit equipment
To record the purchase of physical inventory: Dr. inventory Cr. cash To record sale of physical inventory: Dr. cost of goods sold Cr. inventory
To record a journal entry for sales, the possession of goods or services is transferred from business to client or end user.
Installment A/r(dr) Installment sales(cr)
debit accounts receivablecredit land account
Sales >>>Cash/Accounts Rec/NotesRec Cost of Goods Sold >>>Merchandise Inventory
Debit cash / bankCredit equipment
Debit accounts receivableCredit sales revenue
To record the purchase of physical inventory: Dr. inventory Cr. cash To record sale of physical inventory: Dr. cost of goods sold Cr. inventory
Installment A/r(dr) Installment sales(cr)
debit accounts receivablecredit land account
To record a journal entry for sales, the possession of goods or services is transferred from business to client or end user.
To properly record a sales journal entry, you need to debit the accounts receivable or cash account for the amount of the sale, and credit the sales revenue account. This reflects the increase in assets or cash from the sale, and the revenue earned from the transaction.
[Debit] Cash / bank xxxx [Credit] Sale of donated asset xxxx
Type your answer here... party a/c Dr. to sales
Debit accounts receivable / cash / bankCredit sales revenue
debit equipment accountcredit cash / bank