rivermadds9954 rivermadds9954

11-07-2020
Business

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intext:"Callie Company received a $700 payment from a customer previously billed for services performed. The journal entry to record this transaction would include a"

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omotayoadekoya1 omotayoadekoya1

12-07-2020

Answer:

Debit Cash account $700

Credit Accounts receivable $700

Explanation:

When revenue is earned but cash is yet to be received,

Debit Accounts receivable

Credit Revenue account

When cash is received,

Debit Cash account

Credit Accounts receivable.

As such, when a company received $700 from a customer previously billed for services performed,

Debit Cash account

Credit Accounts receivable

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