S Corp sale of inventory how to record

[sjh8]

S-Corp sold all of their inventory for the value listed in the balance sheet.  The sale was recorded as a debit to cash and credit to Current Assets-Inventory to zero out the balance sheet - there was no gain and no entry on the P&L.  However, when I input into Turbo tax the beginning inventory and then $0 for the ending inventory, it adjusts my profit/loss number on my P&L.  Should the sale of the inventory flow through my P&L?

Any help will be much appreciated.

[Rick19744]

Yes.  The other side of the entry is Dr. CGS and Cr. Sales / Revenue.

TT isn't an integrated software system for the entire business cycle, so you only adjusted the balance sheet and running it through CGS, which is necessary, is the income statement effect.

[sjh8]

Okay that makes sense; however, is the cr. sales/revenue to Ordinary Income or to Other Income since the sale was not related to sales to customers but to an individual purchasing the business?