Assume that the chart of accounts for Roth Co. includes the…
Assume that the chart of accounts for Roth Co. includes the following accounts: Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense. On July 7, the company received cash from customers on account $2,000. Using the chart of accounts above, indicate the account that should be recorded in the Description column of the Journal item (1) as the debit account for the $2,000 amount. Date Description P.Ref. Debit Credit July 7 (1) $2,000 (2) $2,000
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