On June 23, 2015, Spencer Ltd. received cash payment of $17,000 from a customer for...
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Accounting
On June 23, 2015, Spencer Ltd. received cash payment of $17,000 from a customer for products that had been delivered to the customer in May 2015. It is common practice in Spencer Ltd.s industry to allow customers to pay a month after delivery, so the delay in payment was not a reflection of the customers ability or willingness to pay for the products received. Choose the correct entry (if any) to be made on June 23, 2015.
a.
Debit: Cash (+A) $17,000
Credit: Accounts Receivable (-A) $17,000
b.
Debit: Cash (+A) $17,000
Credit: Sales Revenue (+R, +SE) $17,000
c.
Debit: Accounts Receivable (+A) $17,000
Credit: Cash (-A) $17,000
d.
No entry is required at this time.
*** There is only 1 correct answer. Please explain why all choices are correct/incorrect
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