lotta milk, inc. received $235 cash from biggles grocery for payment on account. the journal entry for lotta…

lotta milk, inc. received $235 cash from biggles grocery for payment on account. the journal entry for lotta milk, inc. to record this transaction is: \na. debit accounts receivable/biggles grocery, $235; credit cash, $235.\nb. debit cash, $235; credit accounts receivable/biggles grocery, $235.\nc. debit sales, $235; credit cash, $235.\nd. debit cash, $235; credit sales, $235.

lotta milk, inc. received $235 cash from biggles grocery for payment on account. the journal entry for lotta milk, inc. to record this transaction is: \na. debit accounts receivable/biggles grocery, $235; credit cash, $235.\nb. debit cash, $235; credit accounts receivable/biggles grocery, $235.\nc. debit sales, $235; credit cash, $235.\nd. debit cash, $235; credit sales, $235.

Answer

Answer:

B. debit Cash, $235; credit Accounts Receivable/Biggles Grocery, $235.

Brief Explanations:

When a company receives cash on account, cash (an asset) increases (debited) and accounts - receivable (an asset) decreases (credited).