Maryland Vacations has a $2,200 account receivable from the Miami Kiwanis.On March 11, the Kiwanis makes a partial payment of $1,050 to Maryland.The journal entry made on March 11 by Maryland to record this transaction includes:
A)A debit to the Cash account of $1,150.
B)A debit to the Accounts Receivable account of $1,150.
C)A credit to the Service Revenue account of $1,050.
D)A credit to the Accounts Receivable account of $1,050.

Question

Quizplus · Accepted Answer

The partial payment reduces the Accounts Receivable, so a credit of $1,050 is made to the Accounts Receivable account.

Maryland Vacations Has a $2,200 Account Receivable from the Miami