Question & Answer: The following transactions occurred during June:…..

Hesson Properties, Inc.
The following transactions occurred during June:

June 1	Purchased two new maintenance carts on account at $750 each. Payment is due in 30 days.
June 8	Accepted $500 of advance payments from customers for services to be provided next month.
June 15	Received the utility bill for $300. Payment is due in 30 days.
June 20	Billed customers $1,500 services provided. Payment is due in 30 days.
June 30	Received $500 from customers who were billed earlier.

Refer to Hesson Properties. What journal entry is required to record the collections on account from customers?

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Accounts Payable	500
Cash		500

Accounts Receivable	500
Service Revenue		500

Cash	500
Accounts Receivable		500

Service Revenue	500
Cash		500

Expert Answer

journal entry for the collections on account from customers

Cash	500
Accounts Receivable		500

So the option is C.

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