Journal Entry for Cost of Goods Sold
Cost of Goods Sold is an expense that is debited when a company sells inventory. For example, let's say a retailer sold inventory (with an original cost of $35) to a customer for $60 cash. Upon making the sale, the retailer would debit Cost of Goods Sold for $35 and credit Inventory for $35. In addition, the retailer would credit Sales Revenue for $60 and debit cash for $60.
Both Cost of Goods Sold and Sales Revenue would appear on the Income Statement.
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