When Revenue Is Earned from Charge Account Sales, the Accountant

question 26

Multiple Choice

When revenue is earned from charge account sales, the accountant:

• A)debits Cash and credits a revenue account.
• B)debits Accounts Receivable and credits a revenue account.
• C)debits a revenue account and credits the capital account.
• D)debits a revenue account and credits Accounts Receivable.

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Definitions:

Detect Errors

The process of identifying and correcting mistakes or inaccuracies in financial documents or databases.

Check Register

A record of checks written out, deposits made, and current balance; usually part of a ledger or separate financial tracking tool.

Split Payment

Split payment refers to a transaction where the total cost is divided and paid through multiple payment methods or by different parties.

Write Checks Window

A feature in accounting software that allows users to issue checks directly, recording the transaction in the financial records.