Omega.com sold 25 jet skis for $7,000 which cost $5,000.The entry to record the sale would include:

Question

Quizplus · Accepted Answer

The entry to record the sale of jet skis would include a credit to Sales for the selling price ($7,000), a debit to Cost of Goods Sold for the cost ($5,000), and a corresponding credit to Finished Goods Inventory to remove the cost of the sold goods from inventory, thus all of the options are correct.

OmegaCom Sold 25 Jet Skis for $7,000 Which Cost $5,000