Question

You have a copy of an invoice sent to a customer for services provided on account. What would the T account look like after analyzing this transaction?
Accounts Payable is credited to increase, and Sales is debited to increase.
Accounts Payable is debited to increase, and Sales is credited to increase.
Accounts Receivable is credited to increase, and Sales is debited to increase.
Accounts Receivable is debited to increase, and Sales is credited to increase.

Answer 1

The way that the the T account look like after analyzing this transaction is D. Accounts Receivable is debited to increase, and Sales is credited to increase.

What is a T account?

A T-account is a colloquial term for a collection of financial records that use double-entry bookkeeping. A T-account is so named because the bookkeeping entries are organized in the shape of a T. Just above the T is the account title.

Accounts receivable are the funds owed by a company's customers for goods or services received but not yet paid for. When a customer purchases a product on credit, the amount owed is added to the accounts receivable.

Therefore, when you have a copy of an invoice sent to a customer for services provided on account, the accounts receivable is debited to increase.

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