Which of the Following Entries Records the Collection of Cash

question 166

Multiple Choice

Which of the following entries records the collection of cash from cash customers?

• A) Fees Earned, debit; Cash, credit
• B) Fees Earned, debit; Accounts Receivable, credit
• C) Cash, debit; Fees Earned, credit
• D) Accounts Receivable, debit; Fees Earned, credit

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Definitions:

Rejection Is Ineffective

A legal principle indicating that simply refusing or rejecting an offer or contract does not nullify or void its terms or its potential effects.

Notifies The Seller

The act of informing the seller about relevant information or decisions, typically in a commercial transaction.

Right To Inspect

The right to inspect allows one party to a transaction, typically the buyer, to examine goods or property before finalizing the purchase to ensure they meet specified criteria or quality.

Duty Of Performance

An obligation in contract law requiring parties to complete their contractual obligations to a satisfactory standard.