what journal entry would u make for : made sales of $2000 on credit, the cost of the inventory sold was $1200.

Question

and how much would the sales revenue amount to? is it like $2000 or $800 or $1200 or won't that account be affected at all?

Answer 1

If you're using the periodic inventory system:
Dr A/cs receivable 2,000
Cr Sales 2,000
COGS is not updated under this system

If you're using the perpetual inventory system:
Dr A/cs receivable 2,000
Cr Sales 2000

Dr Cost of goods sold 1200
Cr Merchandise inventory 1200
Sales revenue is 2000. Gross profit on this sale is 800

If you'd like to read more about the 2 systems, click on the link below

Answer 2

Presuming you have already capitalized the item into inventory --

Debit - Receivables 2,000
Credit - Sales 2,000

Debit - Cost of goods sold 1,200
Credit - Inventory 1,200

Net profit would be 800

Answer 3

ok i think it is:

DR Cost of Goods Sold 1,200
DR Accounts Receivable 2,000
CR Sales Revenue 2,000
CR Merchandise Inventory 1,200