Question

On july 7, 2014, hidden camera enterprises performed cash services of $1,700. the entry to record this transaction would include

Answer 1

The entry to record this transaction would include; A debit of Cash of $1,700.
Cash is a type of asset (materials or equipment that are bought by a company or a business to undertake their activities), an increase in asset means we debit that particular asset's account, while a decrease means we credit that particular asset's account. In this case, the asset cash increased by $1,700 therefore, it means we debit cash account with $1,700. Additionally, due to double entry rule, the other effect is increase in capital thus, we credit capital account by $1,700.