F&G Sporting Goods sells baseball equipment to a customer for $15,000. The customer pays $5,000 in cash and agrees to pay the balance in 40 days. Which one of the following choices describes the most appropriate accounting for the transaction?

• Debit cash $5,000; debit accounts receivables $10,000; credit sales $15,000
• Debit cash $5,000; debit accounts payable $10,000; credit sales $15,000
• Debit sales $15,000; credit cash $5,000; credit accounts receivables $10,000
• Debit cash $5,000; credit sales $5,000

Answer rating: 100% (QA)

Debit cash 5000 debit accounts receivables 10000 credit sales ... View the full answer