The journal entry to record the sale of services on credit should include:a debit to Cash and a credit to Accounts Receivable.a debit to Accounts Receivable and a credit to Capital.a debit to Fees Income and a credit to Accounts Receivable.a debit to Accounts Receivable and a credit to Fees Income.

There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Answered: The journal entry to record the sale of…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 3QY: Using the information contained in the accounts receivable ledger, the accountant can prepare...

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Similar questions

Will an accounts receivable balance increase with a debit or a credit entry? How do you know?
Should the purchases journal have a column that is a debit to Accounts Payable?
If a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales Revenue
What is the accounts receivable ledger? a. A record of credit customers and their balances b. A record of vendors and their balances c. Part of the sales journal d. Part of the general journal e. Part of the general ledger
Rules of debit and credit The following table summarizes the rules of debit and credit. For each of the items a through l, indicate whether the proper answer is a debit or a credit.
The following table summarizes the rules of debit and credit. For each of the items (a) through (l), indicate whether the proper answer is a debit or a credit.
In the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)
The schedule of accounts payable lists each creditors account balance, and the total equals the _________________. a. Controlling account in the journal b. Accounts Payable account in the general ledger c. Accounts Receivable account in the general ledger d. Purchases account in the general ledger e. Sales account in the general ledger
Using the information contained in the accounts receivable ledger, the accountant can prepare _________. a. The general ledger balance b. The balance sheet c. The income statement d. A schedule of accounts receivable e. None of the above
The journal that should be used to record the return of merchandise for credit is the (a) purchases journal. (b) cash payments journal. (c) general journal. (d) accounts payable journal.
For each of the following accounts, identify whether the normal balance is a debit or a credit. Also specify whether the account is a contra account. a. Sales Returns and Allowances b. Merchandise Inventory c. Sales d. d Freight In e. Purchases Returns and Allowances f. Sales Tax Payable g. Purchases

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