The journal entry to record the sale of goods includes:

Name: The journal entry to record the sale of goods includes:
Brand: Quizplus
Rating: 4.8 (56 reviews)

Question

Quizplus · Accepted Answer

When goods are sold, they are transferred from the Finished Goods Inventory account to the Cost of Goods Sold account. Therefore, the journal entry to record the sale of goods should include a credit to Finished Goods Inventory and a debit to Cost of Goods Sold. The other options (a, b, and d) are not relevant to recording the sale of goods.

The Journal Entry to Record the Sale of Goods Includes