Question

Choose the best answer.

Jim Tree sells 3 items for which he receives $35 in cash. Where would Jim list the amount received?

Cash Assets
Equipment Assets
Other Assets (includes receivables)
Liabilities - Accounts Payable
Owner's Equity

Answer 1

the answer is cash assets

Answer 2

Based on the given information above, I believe that the answer would be CASH ASSETS. Jim earned an income from something and he receives this in a form of cash, which makes it a cash asset. Assets that are easily convertible to cash belong to cash assets. Hope this answer helps.