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:

Worksheet

A paper or electronic document used to organize and simplify complex information, often used in accounting and financial analysis.

Income Statement Columns

Sections in an income statement that categorize financial data such as revenues, expenses, and net income over a specific period.

Net Loss

The amount by which expenses exceed revenues for a specific period, indicating a decrease in the owner's equity.

Straight-Line Depreciation

A method of calculating the depreciation of an asset by evenly spreading its cost over the expected useful life.