Multiple Choice Question Milky Company reports sales revenue of $200, an increase in deferred revenue of $2, and an increase in accounts receivable of $1. Using a journal entry to determine cash collected from customers, accounts receivable should be and deferred revenue ___.

b. debited; credited

Explanation:

Deferred revenue has been paid to the company but the company does not recognize it as revenue yet because the goods or services it was paid for have not been delivered yet. It will therefore be classified as a liability until the goods or services are delivered. It will therefore be credited because increases in liabilities are credited.

Accounts Receivable is an asset account and as such any increase in it will be debited.

be mindful of your own reaction,use positive self-talk,   and debrief.

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