Shaw Foods sells equipment to a customer for $90,000 on account. The equipment cost Shaw Foods $80,000 to produce. The equipment was shipped FOB shipping point on Jan. 1 and delivered on Jan. 3. The Journal entry that Shaw Foods would record on Jan 1 would include: No entry is necessary on that date o adebit to Cash for $90,000 a credit to inventory for $80,000 credit to Sales Revenue for $90,000