The journal entry to record an exchange of assets would include
A) a debit to Cash and a credit to Fees Earned.
B) a debit to Supplies and a credit to Accounts Payable.
C) a debit to Cash and a credit to Accounts Receivable.
D) a debit to Fees Earned and a credit to Accounts Receivable.

Question

Quizplus · Accepted Answer

In an exchange of assets, cash received is debited and accounts receivable is credited to reflect the decrease in receivables.

The Journal Entry to Record an Exchange of Assets Would