Which of the Following Accounts Might Be Placed First in a Journal

question 88

Multiple Choice

Which of the following accounts might be placed first in a journal entry?

• A)Interest Payable,when it has been decreased.
• B)Accounts Receivable,when it has been decreased.
• C)Unearned Revenue,when it has been increased.
• D)Service Revenue,when it has been increased.

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Definitions:

Cash Refunds

Payments returned to purchasers in cash, typically due to returns, overpayments, or as a reward for loyalty or incentives.

Cash Receipts

The total amount of cash collected by a business from all sources during a given period.

Bank Deposits

Funds that individuals or entities place into a banking institution's account for safekeeping, which can include savings, checking, and time deposits.

Cash Account

An account that records all transactions involving cash inflows and outflows for a company.