Question

he journal entry to record $5.6 million in sales on account includes a ______. (Select all that apply.) Multiple select question. credit to Sales Revenue of $5.6 million credit to Accounts Payable for $5.6 million debit to Cash of $5.6 million debit to Accounts Receivable of $5.6 million debit to Allowance for Doubtful Accounts of $5.6 million

Answer 1

The journal entry to record $5.6 million in sales on account includes a credit to Sales Revenue of $5.6 million and debit to Accounts Receivable of $5.6 million.

What does journal entry mean?

A journal entry is a record of a business's financial transactions kept in its accounting books. An accurate date, the sums to be debited and credited, a description of the transaction, and a special reference number are all components of a properly documented journal entry. The accounting cycle begins with a journal entry.

What is an example of a journal entry?

A purchase of machinery by a nation, where the cash account will be credited and the machinery account debited, is an example of a journal entry.

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