Clark Company receives money from customers who have been previously billed, on account, $8,850.
What is the effect of this transaction on individual asset accounts, individual liability accounts, the Capital Stock account, and the Retained Earnings account?
Homework Answers
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| Please find below the answer | ||
| Statementshowing Computations | ||
| Paticulars | Dr | Cr |
| Entry would be | ||
| Cash Dr | 8,850.00 | |
| To Accounts receivable | 8,850.00 | |
| Both cash and account receivable are assets | ||
| Thus answer is an asset account increases and an asset account decreases |
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Clark Company receives money from customers who have been
previously billed, on account, $8,850.
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