ACCT 1101: Accounting for Inventory Sales

In this video, we cover the journal entries used to account for:

*Sale of Inventory for Cash
*Sale of Inventory on Account
*Sales Discounts
*Sales Returns & Allowances

OpenStax - Principles of Financial Accounting

0:00 Intro
0:51 Review - The Inventory Account
3:14 Overview of Sales Transactions
4:35 The Sales Revenue Account
5:53 Important Point
6:34 Sold Inventory for Cash Journal Entries
10:28 Sold Inventory on Account Journal Entries
13:36 Collected Cash on Account Journal Entry
15:03 Caffeine Break!
15:36 The Sales Discount Account
17:16 Sold Inventory on Account Journal Entry
21:56 Sales Discount Journal Entry
27:52 Sales Returns & Allowances
28:54 The Sales Returns & Allowances Account
29:35 Sales Return Journal Entry
36:42 Sales Allowance Journal Entry
37:55 Journal Entry for Returns/Allowance AND Discount
42:18 Closing

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