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tatuchka [14]
2 years ago
6

In july, lane co. Sells merchandise to avery co. On account. In august, avery pays the balance in full. The entry that lane will

make to record the receipt of cash will include a credit to the _______ account.
Business
1 answer:
vovangra [49]2 years ago
6 0

The entry that lane will make to record the receipt of cash will include a credit to the Accounts Receivable account.

<h3>What is Accounts Receivable?</h3>

Accounts Receivable is the amount, which a company will receive from its customers who have purchased its goods & services on credit.

It refers to the money that the customer owe to the company for the goods or services that they have already received but not yet paid for.

For example- Goods purchase on credit by ABC, the amount gets added to the accounts receivable.

Learn more about the account receivable here:-

brainly.com/question/24261944

#SPJ1

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Which of the following statements is correct?
Eddi Din [679]

Answer:

The correct answer is D

Explanation:

Under the periodic inventory system, the companies evaluate the COGS (Cost of goods sold) at the end of the accounting year or the fiscal period. And the details of the goods on hand which are not available, in this system.

And under the perpetual inventory system, this offer better control over the inventories rather than the periodic inventory system. And this system requires the COGS (Cost of goods sold) to be acknowledged at the time of sale and it contain the more accurate value of goods on hand.

Therefore, the statement which is correct is that the perpetual inventory system, offer better control over inventories.

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A Multibranding strategy can lead to a great loss if it is not properly handled by the management of the organisation.

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maxonik [38]

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