One of the Customers of Jeter Roofing,Inc

question 30

Multiple Choice

One of the customers of Jeter Roofing,Inc.paid $223 on her bill.The journal entry that Jeter Roofing,Inc.would record is:

• A)debit Accounts Receivable and credit Sales.
• B)debit Cash and credit Sales.
• C)debit Accounts Receivable and credit Cash.
• D)debit Cash and credit Accounts Receivable.

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Definitions:

Utility Function

Mathematical representation of a consumer's preference ranking for a set of goods and services.

Budget Equation

A balance formula that represents the relationship between income, expenses, and savings within a specified period.

Entry Fee

A charge that must be paid to gain access to a particular service, activity, or location.

Consumption

Refers to the act of using goods and services to satisfy needs and wants.