Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction? a.Cash, debit; Common Stock, credit b.Accounts Payable, debit; Accounts Receivable, credit c.Accounts Payable, debit; Cash, credit d.Accounts Receivable, debit; Cash, credit

Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction? a.Cash, debit; Common Stock, credit b.Accounts Payable, debit; Accounts Receivable, credit c.Accounts Payable, debit; Cash, credit d.Accounts Receivable, debit; Cash, credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction?

a.Cash, debit; Common Stock, credit

b.Accounts Payable, debit; Accounts Receivable, credit

c.Accounts Payable, debit; Cash, credit

d.Accounts Receivable, debit; Cash, credit

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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