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Before closing the office for the day, Lisa took a phone call from a corporate customer who wanted to make a reservation for three nights at Wildwood Inn. The total cost came to $473.00. The customer asked Lisa to charge the total amount to the company's account. Which T-Account or T-Accounts listed below correctly show how a sale on account should be recorded?

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sebastiansierraocm

Answer:

A sale on account would be recorded with the following T-Accounts:

Sales Revenue - increases, so the amount is credited.

Dr.                         Cr.

                             $473.00

Accounts Receivable - is an asset, and increases, so the amount is debited.

Dr.                         Cr.

$473.00

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