Question

Question 17 of 38
What is the journal entry to record sale of or expensed out of inventory in income statement?
Accounts Receivable ..... Dr.To Inventory
Cost of Goods Sold A/C ...... Dr.To Inventory
Inventory A/C ..... Dr.To Accounts Payable (or Cash)
None of the options​

Answer 1

Answer:

sale ki entry hoti h ..

sales account dr .

to cash account

or expense ki hoti h ....

expense account dr .

to cash account

Answer 2

Answer:

What is the journal entry to record the sale of or expensed out of inventory in the income statement?

(A) Accounts Receivable ..... Dr.To Inventory

(B) Cost of Goods Sold A/C ...... Dr.To Inventory

(C) Inventory A/C ..... Dr.To Accounts Payable (or Cash)

(D) None of the options​

The Correct option will be Option (A) Accounts Receivable ..... Dr To Inventory

Explanation:

The Inventory is sold on credit in the question.

Therefore the journal entry for the question will be

• Accounts Receivable A/c                 Dr.

                                    To Inventory A/c    

          (being inventory sold on credit)

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