Cansing Company Collected $5,000 from a Customer on Account

question 38

Multiple Choice

Cansing Company collected $5,000 from a customer on account.What journal entry will Cansing record?

• A)Debit Cash,credit Accounts Receivable.
• B)Debit Cash,credit Revenue.
• C)Debit Accounts Receivable,credit Revenue.
• D)Debit Accounts Receivable,credit Cash.

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Definitions:

Interest Rates

The cost of borrowing money or the return for investing money, typically expressed as a percentage of the principal amount per year.

Primary Reserves

Liquid assets held by financial institutions as a primary means to meet immediate withdrawal demands or regulatory requirements.

Secondary Reserves

Liquid assets that can quickly be converted into cash but are not held as compulsory reserves by a financial institution.

Components

The individual parts or elements that make up a larger object or system.