For this question, review the journal entry and explain what the probable transaction would be requiring the
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Question:
For this question, review the journal entry and explain what the probable transaction would be requiring the entry, and how this entry is impacting the financial statements. Explaining that account "x" is a debit/credit, etc. is not an acceptable answer. The explanation should cover the actual transaction that occurred.
Example Question:
Utility Expense | 700 |
Cash | 700 |
An acceptable answer would be:
The client paid the current month's utility bill, the asset is decreasing, and their net worth is decreasing.
Question:
Accounts Receivable | 8,000 debit |
Services Revenue | 8,000 credit |
Related Book For
Understanding Financial Accounting
ISBN: 978-1118849385
1st Canadian Edition
Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald
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