Question: Received $ 8 5 , 0 0 0 in cash from customers. What entry will be made in the horizontal model? Accounts Receivable: 8 5

Received $85,000 in cash from customers. What entry will be made in the horizontal model?
Accounts Receivable: 85,000 and Sales: 85,000
Cash: -85,000 and Sales: -85,000
Cash: 85,000 and Accounts Receivable: -85,000
Cash: 85,000 and Sales: 85,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Chapter2: Accounting True-False ing Cycle: During the Period F 1. The 'Revenue TF 2. Prepaid rent is an asset. T F 3. Asset accounts inc T F 4. In the balance, hue from Services' account is increased...

Q:

Additional Funds Needed Campbell wants to increase its sales/revenue after year 2021. A. What are the additional funds needed (AFN) if the company wants to grow sales/revenue by 4.5% after year 2021?...

Q:

As the bookkeeper of Peyton's Plowing, you have been asked to complete portions of the accounting cycle for Peyton from the following information. (Click the icon to view the transactions) E(Click...

Q:

Ref. Debit Credit 1 4,400 O 0 4,400 2 0 X 0 0 0 x 3 OX 0 General Journal Date Description Dec. 31 Insurance Expense Prepaid Insurance To record expired insurance. 31 Depreciation Expense - Furniture...

Q:

plz show me the steps The following data were selected from the records of Tunga Company for the year ended December 31, 2021: Balances at December 31, 2020 Accounts receivable (various customers)...

Q:

Hi, could you please do a detailed audit plan based on what you did last time for me? Thank you so much. ACC 700 Milestone Two Guidelines and Rubric The second milestone is a rough draft of the...

Q:

hello, am working on a paper and need help making some adjustments. For the audit sample, this was the feedback from the professor: Your risk analysis was OK, but weak at best - Although you did...

Q:

Revenues: 402 Sales 410 Interest Revenue **Keep track of your Inventory! On a separate sheet of paper, you will need to keep track of the various bathing suits that you are buying and selling. For...

Q:

Where in an annual report of a company I can identify an example demonstrating knowledge of : Business Combination - 100% ? Who is a financial user that would be interested in this? Here is the...

Q:

A02.V.4.2 Principles of Accounting I Lesson 5 Questions Question 1 of 40 2.5 Points In what category in a classified balance sheet is Accounts Receivable found? A. Plant and Equipment B. Current...

Q:

A uniform meter stick with a mass of 180 g is supported horizontally by two vertical strings, one at the 0-cm mark and the other at the 90-cm mark (Fig 9-57). What is the tension in the string? (a)...

Q:

Sao Paolo Foods is a Brazilian producer of breads and other baked goods. Over the past year, profitability has been strong and the share price has risen from R$15 per share to R$25 per share. The...

Q:

A state or local government has the following funds: Special revenue fund Permanent fund Pension ( and other employee benefit ) trust fund Investment trust fund How many proprietary funds does this...

Q:

Q What is the function of anti-pumping in the circuit breaker?