What is the necessary journal entry to be recorded by Flynn Company for the EFT?

Name: What is the necessary journal entry to be recorded by Flynn Company for the EFT?
Brand: Quizplus
Rating: 4.8 (53 reviews)

Question

Quizplus · Accepted Answer

Option A is the correct journal entry for recording the EFT transaction as it reflects a decrease in Cash and a decrease in Accounts Receivable, reflecting the payment received by Flynn Company. Option B, C, and D are incorrect as they do not reflect the correct accounts affected by the EFT transaction.

What Is the Necessary Journal Entry to Be Recorded by Flynn