Transactions-
This is a sample of what you get as a paid user. Record 1 of 2
Transaction:
Merchandise was sold to a customer for $25,000 on account.
Account:
Current Assets
Description:
Accounts Receivable
Affects
Balance Sheet:
Yes {Example 1}
Affects
Income Statement:
Yes
The
balance in the Accounts Receivable account is a Debit.
Debit
Accounts Affected
Debit
Amt(s)
Debit
Account
Debit:
25,000.00
Accounts Receivable
Credit
Accounts Affected
Credit
Amt(s)
Credit
Account
Credit:
25,000.00
Sales
Full
Explanation:
Accounts receivable is debited because the asset accounts receivable increased due to the customer charging on her account for the merchandise she received. Sales is credited because the entity earned income.
