Broadmor Industries collected $7,500 from a customer on account. What journal entry will be prepared by Broadmor to record this transaction?   Multiple Choice   Debit Cash and credit Accounts Receivable.   Debit Cash and credit Service Revenue.   Debit Accounts Receivable and credit Service Revenue.   Debit Accounts Receivable and credit Cash.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is