QUESTION:

  A company sold goods to a customer for $10,000 with payment due in 30 days. The company uses the accrual basis of accounting. What would be the journal entry to record the sale?

Answer:

The journal entry would be: Accounts receivable (asset) - $10,000 Sales revenue (income) - $10,000

To record the sale, we need to debit the accounts receivable account and credit the sales revenue account. The journal entry would be:

Debit accounts receivable (asset) for $10,000

Credit sales revenue (income) for $10,000

Therefore, the journal entry to record the sale would be:

Accounts receivable (asset) - $10,000

Sales revenue (income) - $10,000