Which transaction will require the following journal entry: debit Cash for $1,500 and credit Accounts receivable for $1,500? Multiple choice question. Sell goods to customer on account. Purchase goods on account. Collect from customer on account. Pay for goods purchased on account.
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The journal entry shows a debit to Cash and a credit to Accounts Receivable, which indicates that cash is being received from a customer. Show more…
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The following transactions occurred during June: June 1: Purchased two new maintenance carts on account at $750 each. Payment is due in 30 days. June 8: Accepted $500 of advance payments from customers for services to be provided next month. June 15: Received the utility bill for $300. Payment is due in 30 days. June 20: Billed customers $1,500 for services provided. Payment is due in 30 days. June 30: Received $500 from customers who were billed earlier. Refer to Hesson Properties. What journal entry is required to record the collections on account from customers? a. Accounts Payable 500 Cash 500 b. Cash 500 Accounts Receivable 500 c. Service Revenue 500 Cash 500 d. Accounts Receivable 500 Service Revenue 500
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An attorney performs services of $1,100 for a client and receives $400 cash, with the remainder on account. The journal entry for this transaction would be: a. debit Cash, credit Service Revenue. b. debit Cash, credit Accounts Receivable, credit Service Revenue. c. debit Cash, debit Service Revenue, credit Accounts Receivable. d. debit Cash, debit Accounts Receivable, credit Service Revenue.
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