The following transactions for March have been journalized and posted to the proper accounts
Mar. 1 The business received $8,000 cash and issued common stock to stockholders.
Mar. 2 Paid the first month's rent of $600.
Mar
3 Purchased equipment by paying $1,000 cash and executing a note payable for $4,000.
Mar. 4 Purchased office supplies for $650 cash.
Mar. 5 Billed a client for $13,000 of design services completed.
Mar. 6 Received $7,000 on account for the services previously recorded.
What is the ending balance in the Service Revenue account?
A) $15,000
B) $8,000
C) $13,000
D) $7,000
C .Service Revenue
13,000 Mar. 5
13,000 Bal.
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The concept that requires expenses to be matched with the revenues they helped to produce is called the ____________________
Fill in the blank(s) with correct word
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a. Achievement of certain organizational goals. b. Completion of a successful audit for the entity. c. Shareholder involvement in the company's success. d. Obtaining profitability and financial strength.
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