X Company is a merchandiser and prepares monthly financial statements. On Septem

Question

X Company is a merchandiser and prepares monthly financial statements. On September 6, its accountant made an entry that resulted in a $48,000 increase in the Cash account and a $48,000 decrease in the Accounts Receivable account. Which of the following transactions is consistent with this entry? X Company received $48,000 from a new investor received $48,000 from a customer who bought merchandise with cash. sold merchandise to customers on account for $48,000. O received $48,000 from a customer who had previously bought merchandise on account. paid $48,000 to a supplier from whom the firm had previously bought merchandise on account. o borrowed $48,000 from a bank and signed a note.

Explanation / Answer

Received $48000 from a customer who had previously bought merchandise on account Option 4 is correct

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