College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
When delivery revenue is earned on account, which accounts increase or decrease?
(a) Cash increases; Revenue increases.
(b) Accounts Receivable increases; Revenue increases.
(c) Accounts Receivable increases; Revenue decreases.
(d) Accounts Receivable decreases; Revenue decreases.
State the account that increase or decrease if delivery revenue is earned on account.
Revenues: Revenues are earnings from operations of a business. The operating activities are sale of goods and services, and rent revenue.
Justification for the incorrect options:
Option of (a), (c) and (d):
Cash increases; revenue increases, Accounts receivable increases; revenue decreases, Accounts receivable decreases; revenue decreases are incorrect options because when delivery revenue is earned on account both the accounts receivable and revenue account will increase.
Justification for the correct option:
Option (b):
Accounts receivable increases; revenue increase...
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