Question

On March 29, a customer who owes $14,611 on account to Sonic Sales Company submits a payment of $7,547. Journalize this transaction.

Answer 1

Answer and Explanation:

The journal entry is given below:

Cash $7,547

To Accounts Receivable $7,547

(Being cash collection is recorded)

Here cash is debited as it increased the assets and credited the account receivable as it decreased the assets

The same should be considered and relevant