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igomit [66]
3 years ago
13

The bank received and accepted a payment worth $7,200 from a customer on the company’s behalf. Which journal entry adjustment sh

ould the accountant make?
A. Sccounts receivable will be debited by $7,200.
B. Accounts payable will be debited by $7,200.
C. Accounts receivable will be credited by $7,200.
D. Accounts payable will be credited by $7,200.
Business
2 answers:
Oliga [24]3 years ago
7 0

Answer:

A. Accounts receivable will be debited by $7,200.

Explanation:

Accounts receivable is the payments that customers owe to a business. It arises when a business sells goods to customers of credit. Accounts receivables are current assets as they represent money that the business expects to receive in the short term.

Recording the transaction for accounts receivable follows the principle for recording assets transactions.  An increase in assets is debited. The accountant will debit accounts receivable by an amount of $7200.

Sladkaya [172]3 years ago
5 0

Answer:

The answer is: C. Accounts receivable will be credited by $7,200.

Explanation:

It is correct on edmentum. I took the test.

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Answer:

cumulative discounts

Explanation:

Options:

  • A) allowance
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A cumulative discount refers to a company offering a discount in the sales price of an item or items if the total purchase is higher than a certain threshold. It is similar to offering discounts for buying in bulk (which refers to quantity), only that this type of discount is offered to customers that purchase over a certain amount of money.

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3 years ago
What function of money is highlighted when sally pays her cell phone bill with cash?
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3 years ago
Which of the following is true? Overhead costs are often affected by many issues and are frequently too complex to be explained
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Answer:

Overhead costs are often affected by many issues and are frequently too complex to be explained by any one factor.

Explanation:

An overhead cost is not directly defined, to be that of material, or labor, or any other unit, overhead include, many factors, electricity usage, machine hours usage, water usage, or the capacity utilization of machinery, and various other factors. Since its computation and allocation is not clear many a times, a single overhead like that of electricity, has many factors, ideal usage of electricity, or machine hours used in production or simply the total cost of overheads for that month or building or etc: and its utilization. In short, to conclude we can state that overhead costs are complex in nature.

All other options are false.

Final Answer

Overhead costs are often affected by many issues and are frequently too complex to be explained by any one factor.

8 0
3 years ago
On jan. 2, callie company received a $700 payment from a customer previously billed for services performed. the journal entry to
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To record On Jan 2, Callie Taylor received a $700 payment from a customer formerly billed for services performed. The journal entry to record this transaction would contain a debit to the cash account and a credit to the Accounts Receivable account.

<h3>What is Journal entry?</h3>

A journal entry exists as an act of keeping or creating records of any transactions either economic or non-economic. Transactions exist listed in an accounting journal that indicates a company's debit and credit balances. The journal entry can consist of several recordings, each of which exists either a debit or a credit.

A journal entry exists as a record of the business transactions in the accounting books of a business. A properly recorded journal entry consists of the correct date, amounts to be debited and credited, an explanation of the transaction, and a unique reference number. A journal entry exists as the first step in the accounting cycle.

Hence, To record On Jan 2, Callie Taylor received a $700 payment from a customer formerly billed for services performed. The journal entry to record this transaction would contain a debit to the cash account and a credit to the Accounts Receivable account.

To learn more about Journal entry refer to:

brainly.com/question/14279491

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2 years ago
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Answer:

The correct answer is letter "C": one of the satisfactions of being a leader.

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The satisfaction of being a leader implies all those benefits employees with high rank and influence in the companies have. Those satisfactions are not merely monetary but also include having a wider knowledge of what the purposes of the firm are in the short and long term.

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