Homework Answers
Solution
| Transaction | General Journal | Debit | Credit |
| 1 | Cash | $ 2,500.00 | |
| Service revenue | $ 2,500.00 | ||
| (To record service revenue) |
.Cash is received so cash is debited. If sales was made on account then account receivable would have been debited.
Service revenue will be credited whether service is provided for cash or credit.
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Exercise 5-1A Record credit sale (LO5-1)
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