Jan 1: 711 sold Beverage products to a customer for $200 cash. The cost of the bevarage products is $75. What is the correct Journal Entry to record the Revenue? A. Debit Cash 200, Credit Sale Revenue 200 B. Debit Cost of Goods Sold 200, Credit Inventory 200 C. Debit Account Receivable 200, Credit Sale Revenue 200 D. Debit Cost of Goods Sold 75, Credit Inventory 75
Jan 1: 711 sold Beverage products to a customer for $200 cash. The cost of the bevarage products is $75. What is the correct Journal Entry to record the Revenue? A. Debit Cash 200, Credit Sale Revenue 200 B. Debit Cost of Goods Sold 200, Credit Inventory 200 C. Debit Account Receivable 200, Credit Sale Revenue 200 D. Debit Cost of Goods Sold 75, Credit Inventory 75
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
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Question
![Jan 1: 711 sold Beverage products to a customer for $200 cash. The cost of the bevarage products is $75.
What is the correct Journal Entry to record the Revenue?
A. Debit Cash 200, Credit Sale Revenue 200
B. Debit Cost of Goods Sold 200, Credit Inventory 200
C. Debit Account Receivable 200, Credit Sale Revenue 200
D. Debit Cost of Goods Sold 75, Credit Inventory 75](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd2096fe4-6a76-40ca-9b5d-47e4ab1a0bcf%2F56d359ab-daf5-4fcf-8abb-d21faf4a3747%2Fsoeovu7_processed.png&w=3840&q=75)
Transcribed Image Text:Jan 1: 711 sold Beverage products to a customer for $200 cash. The cost of the bevarage products is $75.
What is the correct Journal Entry to record the Revenue?
A. Debit Cash 200, Credit Sale Revenue 200
B. Debit Cost of Goods Sold 200, Credit Inventory 200
C. Debit Account Receivable 200, Credit Sale Revenue 200
D. Debit Cost of Goods Sold 75, Credit Inventory 75
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