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After preparing the financial statements for the year, Minnie Me if you can explain to her why Accounts Receivable was debited in the entry that
After preparing the financial statements for the year, Minnie Me if you can explain to her why "Accounts Receivable" was debited in the entry that she did in the journal below. Although she prepared this entry herself, she just did what she has been told to do, without understanding the entry. June 11 Cash at Bank $4,500 Accounts Receivable $5,500 Service Fees Revenue $10,000 (Record revenue for the first half of June 2020, partly in cash, partly Accounts Receivable) With reference to the appropriate accounting definition, explain to Minnie Me which accounting element "Accounts Receivable" refers to and why it was debited on 11th June. Ensure you that you (8 marks) explain why the account was debited. Up to an additional 2 marks will be awarded for following the formatting requirements below. After preparing the financial statements for the year, Minnie Me if you can explain to her why "Accounts Receivable" was debited in the entry that she did in the journal below. Although she prepared this entry herself, she just did what she has been told to do, without understanding the entry. June 11 Cash at Bank $4,500 Accounts Receivable $5,500 Service Fees Revenue $10,000 (Record revenue for the first half of June 2020, partly in cash, partly Accounts Receivable) With reference to the appropriate accounting definition, explain to Minnie Me which accounting element "Accounts Receivable" refers to and why it was debited on 11th June. Ensure you that you explain why the account was debited. (8 marks) Up to an additional 2 marks will be awarded for following the formatting requirements below. 12
After preparing the financial statements for the year, Minnie Me if you can explain to her why "Accounts Receivable" was debited in the entry that she did in the journal below. Although she prepared this entry herself, she just did what she has been told to do, without understanding the entry. June 11 Cash at Bank $4,500 Accounts Receivable $5,500 Service Fees Revenue $10,000 (Record revenue for the first half of June 2020, partly in cash, partly Accounts Receivable) With reference to the appropriate accounting definition, explain to Minnie Me which accounting element "Accounts Receivable" refers to and why it was debited on 11th June. Ensure you that you (8 marks) explain why the account was debited.
Up to an additional 2 marks will be awarded for following the formatting requirements below.
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