Question
LCO:1 On July 31, ELOE, Inc. received $5,000 cash from a customer who previously purchased ELOE's products on account. What should ELOE, Inc. record at
LCO:1 On July 31, ELOE, Inc. received $5,000 cash from a customer who previously purchased ELOE's products on account. What should ELOE, Inc. record at the time it receives the cash?
Debit Accounts Receivable, $5,000; credit Cash, $5,000
Debit Cash, $5,000; credit Accounts Receivable, $5,000
Debit Cash, $5,000; credit Accounts Payable, $5,000
Debit Cash, $5,000; credit Service Revenue, $5,000
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Managerial Accounting
Authors: James Jiambalvo
6th edition
9781119158226, 111915801X, 1119158222, 978-1119158011
