Bubble Wraps Company receives cash from the owner,John Trent.The two accounts involved in this transaction are ________.

Question

Quizplus · Accepted Answer

The transaction involves receiving cash from the owner, John Trent. Therefore, the two accounts involved in this transaction are Cash, which is receiving the cash, and Owner's Capital, which is the source of the cash. Option A is incorrect because it suggests that the company is paying an account payable, which is not mentioned in the scenario. Option C is incorrect because Accounts Payable is a liability account that represents the company's unpaid bills to its creditors, which is not relevant to this transaction. Option D is incorrect because Accounts Receivable is an asset account that represents the company's right to collect money from its customers, which is also not mentioned in the scenario.

Bubble Wraps Company Receives Cash from the Owner,John Trent