Real Estate
Sale of Completed Unit (Cash)
Recording the sale of a ready residential unit paid in full by the buyer.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash / Bank | Asset (+) | 850,000.00 | - |
| Property Sales Revenue | Revenue (+) | - | 850,000.00 |
| Cost of Property Sold | Expense (+) | 500,000.00 | - |
| Property Inventory | Asset (-) | - | 500,000.00 |
💡 Accountant's Note
For a ready unit sold at closing, both revenue and COGS are recognized simultaneously at the point of sale.
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