On May 10, a business collected $3.600 on account. What journal entry is needed on that date? O A. Debit Accounts Receivable for $3,600 and credit Revenue for $3,600 OB. Debit Accounts Payable for $3,600 and credit Revenue for $3,600 O C. Debit Cash for $3.600 and credit Accounts Receivable for $3,600 O D. Debit Cash for $3,600 and credit Revenue for $3,600. Click to select your answer On May 1, a business provided legal services to a client and billed the client $3,700. The client promised to pay the business in one month. Which journal entry should the business record on May 1? O A. Debit Cash for $3,700 and credit Service Revenue for $3,700 OB. Debit Accounts Payable for $3,700 and credit Service Revenue for $3,700. O C. Debit Accounts Receivable for $3,700 and credit Service Revenue for $3,700. OD. Debit Cash for $3,700 and credit Retained Earnings for $3,700. Click to select your answer. Next Question On Dec 1. OZU Company purchased inventory on account with a cost of $6,000. The credit terms were 3/10, net 30. On Dec 2, OZU returned 40 percent of the inventory. OZU uses the periodic inventory system. On Dec 8, OZU paid for the inventory. What journal entry did OZU Company prepare on Dec 8? O A. debit Accounts Payable for $2.400 and credit Cash for $2.400 O B. debit Purchase Discount for $108, debit Cash for $3,492 and credit Accounts Payable for $3,600 O C. debit Accounts Payable for $3,600, credit Inventory for $108 and credit Cash for $3.492 OD. debit Accounts Payable for $3,600 credit Purchase Discount for $108 and credit Cash for $3,492 Click to select your answer Delete Polo F11 F10 F12 Petsc Syska Pous Break F9 F8 - X Company uses a periodic inventory system. X purchased $10,000 of inventory on account. The terms were 3/10,n/30. The purchase was made on April 1. X paid the supplier on April 9. Which journal entry properly records payment transaction? 10,000 10,000 10,000 9,700 300 O A. Accounts Payable Cash OB. Accounts Payable Cash Purchase Discounts OC. Accounts Payable Purchase Discounts Purchases OD. Accounts Payable Cash 9,700 300 10,000 9,700 9,700 Click to select your answer F10.. 2 Pause Break Pesc Syska Delete Insert