Question

Record the sales revenue of $200 for cash and $100 on account and record the cost of goods sold of $125 using one journal entry.

Answer 1

To record the sales revenue of $200 for cash and $100 on account and the cost of goods sold of $125, use the following journal entry: Debit: Cash - $200, Debit: Accounts Receivable - $100, Credit: Sales Revenue - $300, Debit: Cost of Goods Sold - $125.

Step-by-step explanation:

Journal Entry:

• Debit: Cash - $200
• Debit: Accounts Receivable - $100
• Credit: Sales Revenue - $300
• Debit: Cost of Goods Sold - $125

The journal entry would be:

• Debit: Cash - $200
• Debit: Accounts Receivable - $100
• Credit: Sales Revenue - $300
• Debit: Cost of Goods Sold - $125

This journal entry records the sales revenue of $200 for cash and $100 on account, as well as the cost of goods sold of $125. It follows the basic principle of double-entry accounting where each transaction is recorded with equal debits and credits, ensuring that the accounting equation remains balanced.