Question

A company received cash sales of $15000. They also collected $43000 in receivables during the month. What is the journal entry for the collection of the receivables

Answer 1

Answer: Debit Cash account $43,000

Credit Accounts receivable $43,000

Explanation:

Receivables are the debts that are owed to a particular firm by the customers for the goods or the services that have not been paid for by the customers.

The journal entry for the collection of the receivables in this case will be:

Debit Cash account $43,000

Credit Accounts receivable $43,000

(Being entries for receivables)