Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 40 - No. 33)
What is the journal entry when a company receives cash from a customer for a past due invoice?
Debit Accounts Receivable, Credit Cash
Debit Cash, Credit Accounts Receivable
Debit Sales, Credit Cash
Debit Cash, Credit Sales
Explanation
The correct journal entry is debiting Cash and crediting Accounts Receivable.
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