A customer purchased a holiday package worth $5000 from Oasis Holidays Ltd and paid a cash deposit of $1000.The balance is to be paid in two instalments of $2000 each over the next two months.The debit and credit entries for Oasis Holidays Ltd are:
A) debit sales $5000; credit accounts receivable $4000, credit cash $1000.
B) debit cash $1000, debit accounts receivable $4000; credit sales $5000.
C) debit cash $4000, debit accounts payable $1000; credit sales $5000.
D) debit cash $5000, debit accounts receivable $1000; credit sales $4000.
Correct Answer:
Verified
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