Which of the Following Journal Entries Would Be Recorded If

question 58

Multiple Choice

Which of the following journal entries would be recorded if a business renders service and receives cash of $400 from the customer?

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Definitions:

Merchandise Valued

The estimated worth or price of goods that are bought and sold in business transactions.

British Pound

The currency of the United Kingdom, also known formally as the pound sterling, used throughout the UK and its territories.

U.S. Dollar

The currency of the United States, widely used worldwide as a standard for financial transactions.

Merchandise Valued

The total worth of goods held by a company for the purpose of resale.