On July 31,ALOE Inc.received $5,000 cash from a customer who previously purchased ALOE's products on account.What entry should ALOE Inc.record at the time it receives cash?
A) Debit Accounts Receivable,$5,000;credit Cash,$5,000.
B) Debit Cash,$5,000;credit Accounts Receivable,$5,000.
C) Debit Cash,$5,000;credit Accounts Payable,$5,000.
D) Debit Cash,$5,000;credit Service Revenue,$5,000.
Correct Answer:
Verified
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