How collection of accounts receivable is recorded by a

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Problem 1: The collection of accounts receivable is recorded by a:

A. Credit to Cash and a credit to Accounts Receivable
B. Debit to Cash and a credit to Accounts Receivable
C. Credit to Cash and a debit to Accounts Receivable
D. Debit to Cash and a debit to Accounts Receivable.

Problem 2: The rules of debit and credit may be summarized as follows:

A. Accounts on the left side of the balance sheet are increased by credits, whereas accounts on the right side of the balance sheet are increased by debits
B. The balance of a ledger account is increased by credit entries and is decreased by debit entries
C. The balance of a ledger account is increased by debit entries and is decreased by credit entries
D. Asset accounts are increased by debits, whereas, liabilities and owners' equity are increased by credits.

Reference no: EM132641490

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