Marcus operates a fishing supplies business in Bridgetown, Barbados. He sold goods on credit to a customer for $2,400. Which entry correctly records this transaction?

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Question

Marcus operates a fishing supplies business in Bridgetown, Barbados. He sold goods on credit to a customer for $2,400. Which entry correctly records this transaction?

Accepted Answer

Debit Accounts Receivable $2,400; Credit Sales $2,400 — Award 1 mark for correct double entry. A is incorrect — cash is not received in a credit sale. B is incorrect — it reverses the debit and credit entries. D is incorrect — this entry records credit purchases, not credit sales.

Answer

Debit Accounts Receivable $2,400; Credit Sales $2,400

Answer

Debit Purchases $2,400; Credit Accounts Payable $2,400

Answer

Debit Cash $2,400; Credit Sales $2,400

Answer

Debit Sales $2,400; Credit Accounts Receivable $2,400

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