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View Full Version : JE for sale and how it affect inventory

2FUN4ME
Oct 6, 2007, 10:38 AM
How do I reduce inventory through a sale For instance my inventory item cost 200.00, I sold it for 350.00. Can someone show me the journal entry?:confused:
CaptainForest
Oct 6, 2007, 10:49 PM
When you bought it…
Dr. Inventory 200
Cr. Cash 200

When you sold it…
Dr. Cash 350
Cr. Sales 350

Dr. COGS 200
Cr. Inventory 200