Question

On december 15, zapp company paid $1,900 to sylvan supply co. on account. the journal entry to record this transaction would include a __________ to __________.

Answer 1

The journal entry to record this transaction would include a credit to accounts receivable. Credit in accounting is a value that is agreed by two parties to be paid by the party receiving the service. Accounts receivable refers to the amount that is yet to be received after rendering service.