XYZ Company provides tree trimming services. They cut down 3 trees in a yard and collected $2500 cash. The journal entry would include: Group of answer choices Credit to revenues of $2500 Credit to cash of $2500 Debit to accounts receivable of $2500.

XYZ Company provides tree trimming services. They cut down 3 trees in a yard and collected $2500 cash. The journal entry would include: Group of answer choices Credit to revenues of $2500 Credit to cash of $2500 Debit to accounts receivable of $2500.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

XYZ Company provides tree trimming services. They cut down 3 trees in a yard and collected $2500 cash. The journal entry would include:

Group of answer choices

Credit to revenues of $2500

Credit to cash of $2500

Debit to accounts receivable of $2500.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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