The journal entry to record the cash received today from a customer who purchased goods last month, on account, would include
Understand the Problem
The question is asking for the appropriate journal entry to record cash received from a customer who had previously purchased goods on credit. It requires understanding of accounting principles related to accounts receivable.
Answer
A credit to accounts receivable.
The final answer is a credit to accounts receivable.
Answer for screen readers
The final answer is a credit to accounts receivable.
More Information
When cash is received from a customer for a previous credit sale, increase the Cash account and decrease the Accounts Receivable account.
Tips
A common mistake is to credit sales or revenue, which is incorrect because the revenue was already recognized when the sale was made.
Sources
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