Question

On november 21, civic company received $550 from customers in payment of their accounts. the journal entry to record this transaction would include?

Answer 1

On November 21, Civic Company received $550 from customers in payment of their accounts. The journal entry to record this transaction will include a credit to accounts receivable.

What is meant by account receivable?

• The money clients owe your business for goods or services for which invoices have been issued is known as accounts receivable. On the balance sheet, current assets are listed as the total amount of all accounts receivable, including bills from clients for goods or services on credit.
• A person who works in accounts payable must ensure that their company receives payments for the goods and services it provides and record these transactions appropriately.
• Trade accounts receivable notes receivable and other receivables are the three categories into which receivables are typically broken down.

On November 21, Civic Company received $550 from customers in payment of their accounts. The journal entry to record this transaction will include a credit to accounts receivable.

To learn more about accounts receivable, refer to:

brainly.com/question/24848903

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