Receiving a $350 payment on an account with a current balance of $800 would include a:
A)debit to cash and a credit to accounts payable for $350.
B)debit to cash and a credit to accounts receivable for $350.
C)credit to cash and a credit to accounts receivable for $350.
D)debit to accounts receivable and a credit to cash for $350.

Question

Quizplus · Accepted Answer

When a payment is received on an account, it increases the cash balance (debit to cash) and decreases the amount owed by the customer (credit to accounts receivable) for the payment amount of $350.

Receiving a $350 Payment on an Account with a Current