Which of the following journal entries is correct assuming that Mama June Pizza Company received cash for interest earned on investments?
A) Cash
$ \quad $Investment income
B) Investment income
$ \quad $$ \quad $Cash
C) Cash
$ \quad $Sales revenues
D) Sales revenues
$ \quad $$ \quad $Cash

Question

Quizplus · Accepted Answer

The correct journal entry for receiving cash for interest earned on investments is to debit Cash and credit Investment income, reflecting the increase in cash and the recognition of income earned.

Which of the Following Journal Entries Is Correct Assuming That \quad

Which of the Following Journal Entries Is Correct Assuming That $\quad$