Question

1. On July 1, 2020, a business provides service for a customer and sent them a bill for $10,000. The journal entry to record this transaction includes a debit to____ and a credit to ____.

a. cash

b. accounts receivable

c. revenue

d. accounts payable

2. On August 1, 2020 a business receives a cash payment for a customer to pay on the customer's account for $20,000. The journal entry would include a debit to ____and a credit to ____.

a. cash

b. accounts receivable

c. revenue

d. accounts payable

Answer 1

1)

Accounts receivable account ...................... Debit $10,000

To Service Revenue account......................Credit $10,000

Answer is Debit to Accounts receivable and a credit to Revenue.

2)

Cash account...........................................Debit $20,000

To Accounts receivable account..........Credit $20,000

Answer is Debit to Cash and a credit to Accounts receivable.