Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 15 - No. 15)
What is the journal entry when a customer pays cash for a service provided?
Debit Accounts Receivable, Credit Service Revenue
Debit Cash, Credit Service Revenue
Debit Service Revenue, Credit Cash
Debit Cash, Credit Accounts Receivable
Explanation
Receiving cash increases the asset Cash (debit) and increases Service Revenue (credit).
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