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Iron Company collects cash in full from a customer who purchased merchandise last month on credit. To record the receipt of cash, Iron Company should make the following entries in the general journal. (Check all that apply.) Multiple select question. Credit to Accounts Receivable Debit to Accounts Receivable Debit to Sales Credit to Cash Debit to Cash

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Answer:

  • Credit to Accounts Receivable
  • Debit to Cash

Explanation:

Accounts Receivable is an asset account that represents the cash owed to the company by customers who bought goods or services on credit.

When the credit is paid, the accounts receivable account will reduce and so will be credited because assets are credited when they reduce.

Cash on the other hand will be debited to show that it has increased as assets are debited when they increase.

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