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Answer :
Final answer:
The correct journal entry for receiving a check for bike rental fees is to debit Cash and credit Rental Fees, reflecting an increase in assets and earned revenue respectively.
Explanation:
The correct journal entry for the transaction RECEIVED A CHECK FOR BIKE RENTAL FEES is to debit Cash and credit Rental Fees. When a company receives cash, it increases its assets, which is recorded by a debit to the Cash account. At the same time, the company has earned revenue from the bike rental service, which is recorded by a credit to the Rental Fees account to reflect this increase in equity. Remember, in double-entry accounting, debits and credits must balance, so the amount debited to Cash must equal the amount credited to Rental Fees.
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