ELOE’s products on account

by | Jun 22, 2021 | Assignment Help

LCO:1 On July 31, ELOE, Inc. received $5,000 cash from a customer who previously purchased ELOE’s products on account. What should ELOE, Inc. record at the time it receives the cash?

Debit Accounts Receivable, $5,000; credit Cash, $5,000Debit Cash, $5,000; credit Accounts Receivable, $5,000Debit Cash, $5,000; credit Accounts Payable, $5,000Debit Cash, $5,000; credit Service Revenue, $5,000

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