A business banked takings from cash sales of $12 300. The debit and credit entries are:...
A business banked takings from cash sales of $12 300. The debit and credit entries are:
a. debit sales $12 300; credit cash $12 300.
b. debit cash $12 300; credit debtors $12 300.
c. debit cash $12 300; credit creditors $12 300.
d. debit cash $12 300; credit sales $12 300.
Homework Answers
in given case, business receives cash from sales. so we have to debit cash account and credit sales account.
Option A - here cash account is credited. it means business pays cash. so it is wrong.
Option B - Here debtors account only credited. it means, cash received from debtors. so this also wrong.
Option C - Here credtiors account credited. it means business receives cash from creditors. this also wrong.
SO, Correct journal entry will be: d. debit cash $12 300; credit sales $12 300.
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