Sky Co Collected $600 from One of Its Customers for Payment

question 68

Multiple Choice

Sky Co. collected $600 from one of its customers for payment on their account. The journal entry would include a:

• A)debit to Accounts Receivable and a credit to Cash.
• B)debit to Cash and a credit to Accounts Payable.
• C)debit to Cash and a credit to Accounts Receivable.
• D)debit to Cash and a credit to Sales Revenue.

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Definitions:

Keynesians

Economists and followers of the economic theories of John Maynard Keynes, who advocated for government intervention to manage economic cycles.

Aggregate Demand

The full quantum of desire for goods and services within an economic realm, set against a particular overarching price level for a fixed duration.

Depression

A severe and prolonged downturn in economic activity, characterized by high unemployment, sharp declines in GDP, and faltering business confidence.

Investment

The process of distributing funds or assets in anticipation of earning returns or profits.