On October 4, 2015, JT Corporation had credit sales transactions of $4,000 from merchandise having cost $2,400. The entries to record the day's credit transactions include a
A)debit of $4,000 to Inventory.
B)credit of $4,000 to Sales Revenue.
C)debit of $2,400 to Inventory.
D)credit of $2,400 to Cost of Goods Sold.

Question

Quizplus · Accepted Answer

When recording credit sales, Sales Revenue is credited for the amount of the sale, which is $4,000 in this case.

On October 4, 2015, JT Corporation Had Credit Sales Transactions