The General Store has cash sales for the week of $5,000 and credit sales of $3,500.The account(s)to be debited for these transactions is/are:

Question

Quizplus · Accepted Answer

For cash sales, the account to be debited is obvious: it is the cash account. For credit sales, the account to be debited is Accounts Receivable, as the store is effectively "loaning" money to the customers until they pay their bill at a later date. Therefore, the correct answer is B: Cash and Accounts Receivable.

The General Store Has Cash Sales for the Week of $5,000