The journal entry to record an shift 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

When shifting assets, such as receiving cash for accounts receivable, you debit Cash (increasing the asset) and credit Accounts Receivable (decreasing the asset).

The Journal Entry to Record an Shift of Assets Would