Mirna, Inc. receives $45,000 from a customer who was billed in the prior month when the...
Mirna, Inc. receives $45,000 from a customer who was billed in the prior month when the services were performed. Which journal entry should Mirna, Inc. record?
Group of answer choices
a. DR: Accounts Receivable 45,000; CR: Cash 45,000
b. DR: Cash 45,000; CR: Accounts Receivable 45,000
c. DR: Accounts Receivable 45,000; CR: Revenue 45,000
d. DR: Asset 45,000; CR: Equity 45,000
Homework Answers
When prior month bill was not paid in that month it has been treated as account receivables.
Now payment is received hence account receivables need to be given credit and cash received hence cash need to be given debit.
Therefore correct option:
b. DR: Cash 45,000; CR: Accounts Receivable 45,000
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