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

question 34

Multiple Choice

Censing Company collected $5,000 from a customer on account.What journal entry will be prepared by Censing to record this transaction?

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

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Definitions:

Economic Consequences

The financial outcomes resulting from specific actions, events, or decisions, impacting individuals, businesses, and economies.

National Middle-Class Culture

The shared values, practices, and characteristics of the middle class across a nation, often reflecting its norms, consumer behavior, and social status.

1950s

A decade marked by post-World War II recovery, the beginning of the Cold War, cultural conformity in the United States, and significant social and economic change.