A customer purchased an item on credit. Which journal entry should be made to record this purchase?
A customer purchased an item on credit. Which journal entry should be made to record this purchase?
| Journal Entries | |||
| A | Debit | Credit | |
| Accounts Receivable | $ 250 | ||
| Sales Revenue | $ 250 | ||
| B | Debit | Credit | |
| Accounts Receivable | $ 250 | ||
| Customer Payment Received | $ 250 | ||
| C | Debit | Credit | |
| Accounts Payable | $ 237 | ||
| Supplies Expense | $ 237 | ||
| D | Debit | Credit | |
| Accumulated Depreciation | $ 725 | ||
| Depreciation Expense | $ 725 | ||
| E | Debit | Credit | |
| Prepaid Rent | $ 1,250 | ||
| Rent Expense | $ 1,250 | ||
Homework Answers
Correct answer---------(A)
| Accounts receivable | $ 250.00 | |
| Service revenue | $ 250.00 |
Accounts receivables will be debited to record the asset against which cash will be received in future, Sales revenue will be credited to record the revenue earned.
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A customer purchased an item on credit. Which journal entry should be made to record this purchase?
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