Select the Entry That Correctly Records the Receipt by Speedy

question 45

Multiple Choice

Select the entry that correctly records the receipt by Speedy Window Cleaning of $770 (including GST) collected from its customer Alan Lim for goods previously sold to him on credit.

• A) Debit bank $770; credit income earned $700; credit GST collections $70
• B) Debit debtors $770; credit income earned $700; credit GST collections $70
• C) Debit debtors $770; credit bank $770
• D) Debit bank $770; credit debtors $770

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Definitions:

Electrophilic Iodination

A chemical reaction involving the addition of an iodine atom to a substrate, typically facilitated by an electrophile.

Major Organic Product

Refers to the main product obtained in the highest yield from an organic reaction, distinguished from any side products or minor products.

Electrophilic Chlorination

A chemical reaction where a chlorine atom, acting as an electrophile, is added to another molecule, often involving aromatic compounds or alkanes.

Aromatic Compounds

Organic molecules that contain one or more benzene rings in their structure, characterized by their stable ring system and delocalized pi electrons.