Riley's Book Review billed customers $350 for editing work completed this month. The journal entry to record this transaction is
A) Accounts Receivable debit $350; Editing Revenue credit $350.
B) Editing Revenue debit $350; Riley, Capital credit $350.
C) Accounts Payable debit $350; Editing Revenue credit $350.
D) Editing Revenue debit $350; Withdrawals credit $350.

Question

Quizplus · Accepted Answer

This transaction involves billing customers for editing work completed, which generates revenue. The journal entry should increase Accounts Receivable (debit) for the amount billed and credit Editing Revenue (credit) for the revenue earned.

Riley's Book Review Billed Customers $350 for Editing Work Completed