How Do You Record Sales

[debit] Accounts receivable. … [debit] Cost of goods sold. … [credit] Revenue. … [credit] Inventory.

What is the entry to record sales?

So a typical sales journal entry debits the accounts receivable account for the sale price and credits revenue account for the sales price. Cost of goods sold is debited for the price the company paid for the inventory and the inventory account is credited for the same price.

How do you record a sale that will be paid in 30 days?

For example, the credit terms for credit sales may be 2/10, net 30. This means that the amount is due in 30 days (net 30). However, if the customer pays within 10 days, a 2% discount will be applied.