Which journal entries is correct when a business entity collects an accounts receivable? A. Cash - debit. Accounts receivable - credit. B. Accounts receivable- debit. Service revenue - credit. C. Cash- debit. Accounts Payable- credit. D. Cash -debit. Notes payable - credit.

Q: Which of the following entries records the receipt of cash from clients on account? a.Accounts…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Which of the following accounts is not normally part of the revenue and collection cycle?a. Sales.b.…

A: Revenue and collection cycle is business process related to the products delivery and collection of…

Q: All transactions entered in this window result in a debit to the Accounts Receivable account. a.…

A: In quickbooks all transactions entered in invoice window result in a debit to the Accounts…

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A: Sales journal is one of the kind of special journal. Special journals are used, when a company has…

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A: Given: To determine the following transactions would be recorded if using the accrual basis…

Q: What is the impacts on the accounting equation when an accounts receivable is collected

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A: Journal entry:   Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Which one of the four methods of payments creates an accounts receivable?   Select one:   a.…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Which of the following best describes the classification and normal balance of the accounts…

A: Accounts receivable account generally shows the amount to be received from the customers against the…

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Q: Which account is least likely to be debited when revenueis recorded?a. Accounts Payableb. Accounts…

A: Revenue account is credited when revenue is recorded.

Q: n which journal is the receipt of a promissory note from a customer on account recorded ? a.…

A: Revenue journal is used for recording sales income. When sales are made Revenue a/c is credited and…

Q: Give what is required, For the Classification: (Classify the account if it is current/noncurrent…

A: The different accounts in the business are classified as asset, liabilities, revenue, expenses and…

Q: a. Show the journal entry to record the uncollectible accounts. b. How much will the balance sheet…

A: a) Journal Entry

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Q: Which item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service…

A: All expenses, losses, and assets should be debited and all revenue, income, gain, and liabilities…

Q: What is the impact on the accounting equation when an accounts receivable is collected

A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…

Q: Which of the following entries records the payment of an account payable? a.debit Cash; credit…

A: Accounts payable (liability) is decreasing. Cash (asset) is decreasing.

Q: Which of the following accounts is not a permanent account?   Select one: a. Utilities Expense b.…

A: A permanent account is the account which is not closed at year end and same is carried to balance…

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A: Journal is the recording of financial transactions according to the dual entity concept and it helps…

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A: >Analyzing and recording the transaction is the first stem in the Accounting…

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A: A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified…

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Q: what is the entry for collection of receivable * O debit cash, credit accounts payable O debit cash,…

A: Account’s receivables can be defined as the payment which is yet to be received by the business in…

Q: The controlling account in the general ledger that summarizes the debits and credits to the…

A: The control account is the summary balance of the subsidiary ledger's account. A subsidiary ledger…

Q: Which item will appear on the credit side of ledger account?

A: General ledger:   General ledger is a book of original entry which records the accounting data in…

Q: Identify the items from the following list that are likely to serve as source documents. Item a.…

A: • Source documents are those documents that serve as the basis on which the accounting transaction…

Q: Under the accrual basis of accounting - if cash has been received before the revenue has been…

A: When the cash is received for which revenue is yet to be earned then the cash account is debited and…

Q: Which of the following entries records receiving the cash payment from a customer for previous…

A: When a service is performed and the cash is receivable on such service from customer then such…

Q: 1. Match the following terms and definitions. a. Accounts receivable c. Accounts payable (1) Amounts…

A: Accounts Receivable :— It is the amount receivable from customer for the services provided or goods…

Q: The journal entry to record the sale of services on credit should include: a debit to Cash and a…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…