A selley uses a perpetual inventory system and on April 4 it sells $$ \$ 5,000 $$ in merchandise with a cost of $$ \$ 2,400 $$ to a customer on credif terms of $$ 3 / 10 $$, ni30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. The first joumal entry is to record the revenue part of the transaction and the second fournal entry is to record the cost part Wew tramsaction ust Journal entry worksheet Prepare the journal entry to record the revenue part of the transaction.

Question

UpStudy AI · Accepted Answer

**Journal Entry for the Revenue Part:**

| Account Name            | Debit (\$) | Credit (\$) |
|-------------------------|------------|-------------|
| Accounts Receivable     | 5,000      |             |
| Sales Revenue           |            | 5,000       |

**Explanation:**

1. Increase in Assets: The sale on credit increases the asset "Accounts Receivable" by $$ \$ 5,000 $$ (debit).
2. Increase in Revenue: Recognize the revenue from the sale by crediting "Sales Revenue" for $$ \$ 5,000 $$.
**Journal Entry for the Revenue Part:** | Account Name | Debit (\$) | Credit (\$) | |-------------------------|------------|-------------| | Accounts Receivable | 5,000 | | | Sales Revenue | | 5,000 |

Solución de inteligencia artificial de Upstudy

Responder

Solución

Extra Insights

preguntas relacionadas

Latest Other Questions