Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 39 - No. 38)
What is the accounting entry when a business receives a payment from a customer for a previously recorded sale on credit?
Debit Cash, Credit Accounts Receivable.
Debit Accounts Receivable, Credit Cash.
Debit Sales Revenue, Credit Cash.
Debit Cash, Credit Sales Revenue.
Explanation
Debit Cash and Credit Accounts Receivable is the entry.
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