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20 October, 06:29

During the year, Amrerk Inc. recorded sales revenue of $200,000. The balance in accounts receivable increased by $4,000. The amount of cash received from customers can be derived by preparing a journal entry that includes:

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  1. 20 October, 07:05
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    Answer: Sales, receivables and Cash

    Explanation: The amount of cash received from customers can be derived by preparing a journal entry that includes: sales, receivables and bank

    Sales: sales is the actual exchange of product/service for cash. sometime, sales can be cash sales or credit sales.

    for cash sales: Debit: Bank/Cash and Credit: Sales

    for credit sales: Debit: Receivable account and Credit Sales

    Receivable Account: This is an account were sales on credit (sales made without cash payment) are recorded until the debt is paid.

    here, we Debit: Cash/Bank and Credit: receivable account

    Cash: this is an account maintained for cash received from sales or from debtors. when cash is received: Debit Cash and credit account receivable / sales account.
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Home » Business » During the year, Amrerk Inc. recorded sales revenue of $200,000. The balance in accounts receivable increased by $4,000. The amount of cash received from customers can be derived by preparing a journal entry that includes:
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