Question
X Company prepares monthly financial statements. On September 6, its accountant made an entry that resulted in a $60,000 increase in Cash and a $60,000
X Company prepares monthly financial statements. On September 6, its accountant made an entry that resulted in a $60,000 increase in Cash and a $60,000 decrease in Accounts Receivable. Which of the following transactions is consistent with this entry? X Company received $60,000 from a customer who bought merchandise with cash. borrowed $60,000 from a bank and signed a note. received $60,000 from a new investor. sold merchandise to customers on account for $60,000. received $60,000 from a customer who had previously bought merchandise on account. paid $60,000 to a supplier from whom the firm had previously bought merchandise on account.
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