Question

read the requirement (record debits first, then credits. select the explanation on the last line of the journal entry table ) paid advertising in advance may 23 received $1,700 cash on account from a customer date accounts and explanation debit credit may 23

Explanation:

Step1: Analyze the transaction

Received cash on account means Cash (asset) increases (debit), and Accounts Receivable (asset) decreases (credit).

Step2: Record debit for Cash

Debit Cash for $1,700 as cash is received.

Step3: Record credit for Accounts Receivable

Credit Accounts Receivable for $1,700 as the customer's account is settled.

Step4: Explanation

The last line explanation is "Received cash on account from a customer".

Answer:

Date	Accounts and Explanation	Debit	Credit
May 23	Accounts Receivable		1700
May 23	Received cash on account from a customer