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A company received cash sales of $15000. They also collected $43000 in receivables during the same month.

1. What is the journal entry for the collection of receivables?
A. Debit expense and credit cash
B. Credit expense and Debit cash
C. Debit cash and credit accounts receivable
D. Debit Account Receivable and Debit Cash

2. What is the journal entry for the collection of sales?
A. Debit Sales and Credit Expense
B. Credit Sales and Debit Expense
C. Debit Sales and Credit Cash
D. Debit Cash and Credit Sales

3. If the sales received were all made by credit cards with a fee of 1.25%, what would be the journal entry for cash?
A. 187.50 Credit
B. 187.50 Debit
C. 14,821 Credit
D. 14,821 Debit

Respuesta :

Answer:

1.) D

2.)C

3.)D

Explanation:

Answer:

In this question two MCQS are given. The answer of both MCQS are given below.

1- The correct answer is C. Debit cash and credit accounts receivable

The cash collection results in decrease of receivable amount standing in account receivable and increase in cash asset. So option c is correct answer.

2-The correct answer is D. Debit Cash and Credit Sales

In case of cash sales no receivable is book and direct entry of cash collection is made. Increase in cash due to sales is debited and sales is credited.

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