Homework Answers
Cash sales = $15,000
The given transaction will effect cash and sales.
Increase in assets is debited and hence cash will be debited.
Increase in revenue is credited and hence sales will be credited.
The following journal entry will be made to record collection of sales:
| General Journal | Debit | Credit |
| Cash | $15,000 | |
| Sales | $15,000 |
Fourth option is correct.
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