Identify the Journal Entry Required to Correctly Record Each of the Following

question 23

Short Answer

Identify the journal entry required to correctly record each of the following transactions.
-Received cash from customer.
A. DR Accounts receivable $\quad$ CR Cash

B. DR Cash $\quad$ CR Accounts payable

C. DR Cash $\quad$ CR Accounts receivable

D. DR Cash $\quad$ CR Owners' equity

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Definitions:

Asset

An economic resource owned or controlled by an individual, corporation, or country, expected to provide future benefits.

Par Value

The face value of a bond or stock as stated by the issuing company.

Legal Services

Professional services provided by a lawyer or legal firm, including advice, representation, and drafting of legal documents.

Par-value Preferred Stock

Par-value preferred stock is a type of preferred share that has a nominal face value indicating the amount that must be repaid if the company is liquidated.