Beachside Coffee Shop, in an Effort to Streamline Its Accounting

question 30

Multiple Choice

Beachside Coffee Shop, in an effort to streamline its accounting system, has decided to utilize a cash receipts journal in its operations. If the company records the cash sale of food for $18, which is the correct entry?

• A) Cash Cr., $18; Food Revenue Dr., $18
• B) Cash Dr., $18; Food Revenue Dr., $18
• C) Cash Dr., $18; Food Revenue Cr., $18
• D) Cash Cr., $18; Food Revenue Cr., $18

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Definitions:

Anticipatory Market Leadership

A strategic approach where a company actively predicts future market trends and customer needs to position itself as a leader in innovation and service.

Equity Financing

Raising capital through the sale of shares in a company, providing investors with ownership interests.

Ownership Shares

Portions or fractions of equity in a company, providing the shareholder certain rights, such as dividends and voting power.