Oceans,Inc.collected $400 from one of its customers for payment on their account.The journal entry would include a:
A)debit to Accounts Receivable and a credit to Cash.
B)debit to Cash and a credit to Accounts Payable.
C)debit to Cash and a credit to Accounts Receivable.
D)debit to Cash and a credit to Sales Revenue.

Question

Quizplus · Accepted Answer

Since Oceans, Inc. received payment from their customer for their account, they would debit Cash (asset) and credit Accounts Receivable (asset) to reflect the payment and decrease the amount owed by the customer.