In Nordstrom sold a pair of shoes for $100 cash, we know this transaction meets the two revenue recognition criteria resulting in the following journal entry:
|
Cash |
100 |
|
|
Sales Revenue |
100 |
|
Assets |
= |
Liabilities |
+ |
Shareholders’ Equity |
(Class.) |
|
+100 |
+100 |
IncStaRE |
Sale of merchandise for $100.