Answered: FE5 Billing a company for services on…

FE5 Billing a company for services on account would result in a) Debit to Cash b) Credit to Cash c) Debit to Accounts Receivable d) Credit Accounts Payable

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter4: Journalizing And Posting Transactions

Section: Chapter Questions

Problem 4MC: When fees are earned and the customer promises to pay later, which account is debited? (a) Cash (b)...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

FE5

Billing a company for services on account would result in
a) Debit to Cash
b) Credit to Cash
c) Debit to Accounts Receivable
d) Credit Accounts Payable

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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