Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 19 - No. 31)
What is the impact of a customer paying via a bank transfer on the business's accounting records?
Decrease in the bank balance, decrease in sales.
Increase in the bank balance, increase in sales.
Decrease in cash, increase in sales.
Increase in cash, decrease in sales.
Explanation
Receiving a payment increases the bank balance, which increases the business's sales revenue.
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