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    2FUN4ME's Avatar
    2FUN4ME Posts: 12, Reputation: 9
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    #1

    Oct 6, 2007, 10:38 AM
    JE for sale and how it affect inventory
    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's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    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
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