A business renders services for $26,000 and collects cash from the customer.Which of the following accounts will be debited?

Question

Quizplus · Accepted Answer

Since cash is received, it is debited to show an increase in the asset. Accounts Receivables are debited when a business renders a service and allows the customer to pay at a later date. Service Revenue is credited when a business renders a service and collects cash. Accounts Payable is credited when a business owes money to its suppliers. None of the accounts other than Cash would be debited in this scenario.

A Business Renders Services for $26,000 and Collects Cash from the Customer.Which