Auto Cars Inc. had a customer named William who bought a car for $4,000 on October 1 and paid cash. Which accounts would be debited and credited?

Question

11-03-2024
Computers and Technology

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Auto Cars Inc. had a customer named William who bought a car for $4,000 on October 1 and paid cash. Which accounts would be debited and credited?

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spal61626 spal61626 · Answer 1 · 2024-03-11T16:18:49+01:00

Answer:

To record William's purchase of a car for $4,000 at Auto Cars Inc. on October 1, the following accounts would be debited and credited:

Debit: The Cash account would be debited to reflect the increase in cash due to the sale.

Credit: The Sales Revenue account would be credited to recognize the revenue generated from the sale of the car

1

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This transaction involves debiting Cash to show the inflow of cash from the sale and crediting Sales Revenue to account for the revenue earned from the transaction.