In: Accounting
X Company prepares monthly financial statements. On September 6,
its accountant made an entry that resulted in a $54,000 increase in
Cash and a $54,000 decrease in Accounts Receivable. Which of the
following transactions is consistent with this entry? X Company did
which of the following?
borrowed $54,000 from a bank and signed a note.
received $54,000 from a customer who bought merchandise with
cash.
received $54,000 from a customer who had previously bought
merchandise on account.
paid $54,000 to a supplier from whom the firm had previously bought
merchandise on account.
received $54,000 from a new investor.
sold merchandise to customers on account for $54,000.