Question
Mullis Company sold merchandise on account to a customer for $625, terms n/30. The journal entry to record the collection on account would be: Debit
Mullis Company sold merchandise on account to a customer for $625, terms n/30. The journal entry to record the collection on account would be:
Debit Cash of $625 and credit Sales $625.
Debit Sales $625 and credit Accounts Receivable $625.
Debit Accounts Receivable $625 and credit Cash $625.
Debit Accounts Receivable $625 and credit sales $625.
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Financial Accounting A Global Perspective
Authors: Robert Libby, Patricia Libby, Daniel G Short
5th Edition
0071107746, 978-0071107747
