A customer makes a payment towards his account. You use accrual accounting. Ther

Question

A customer makes a payment towards his account. You use accrual accounting. There is no interest. How should this transaction be recorded? Select the correct answer.

a) Debit Cash and credit Accounts Receivable
b) Debit Accounts Receivable and credit the revenue account
c) Debit Cash and credit the revenue account
d) Debit the revenue account and credit Accounts Receivable
e) Debit Cash and credit Capital
f) None of the above

A check mark is put in the Post Ref. box of the Combination Journal at the time the
transaction is recorded if the following holds. Select the correct answer.
a) Drawing is adjusted
b) Transaction is a cash sale
c) Interest Expense is debited
d) Cash is NOT adjusted
e) No revenue is earned
f) All of the above
g) None of the above

Explanation / Answer

c

f

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