CengageNOWV2] Online teac: × . Q Accounting Review Chapter 5 Q Accounting Quiz 5

Question

CengageNOWV2] Online teac: × . Q Accounting Review Chapter 5 Q Accounting Quiz 5-7 Flashcarx a ? w.com ilm/takeAssignment/takeAssignmentMain.do?invokerassignments&takeAssignmentsessionLocator-assignment-; Calculator Beachside Coffee Shop, in an effort to streamline its accounting system, has decided to utilize a cash receipts journal in its operations If the company records the cash sale of food for $18, which is the correct entry? a. Cash Dr., $18; Food Revenue Dr., $18 Ob. Cash Cr., $18; Food Revenue Cr., $18 c. Cash Cr., $18; Food Revenue Dr., $18 d. Cash Dr., $18; Food Revenue Cr., $18 12 17

Explanation / Answer

Ans. d Cash Dr. $18; Food revenue Cr., $18

Explanations: As per the accounting golden rule "Debit what comes in, Credit what goes out".

Here we are getting cash so the cash would be debited. And food is going out, so this account would be credited.

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.