The journal entry to record the receipt of cash from credit clients would include:
A. a debit to Fees Income and a credit to Cash.
B. a debit to Cash and a credit to Accounts Receivable.
C. a debit to Cash and a credit to Fees Income.
D. a debit to Accounts Receivable and a credit to Cash.
Answer: B
You might also like to view...
Qualitative factors are considered in the evaluation of capital investment proposals
Indicate whether the statement is true or false
A company with 100,000 authorized shares of $4 par common stock issued 40,000 shares at $8. Subsequently, the company declared a 2% stock dividend on a date when the market price was $11 a share. What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?
A) $3,200 B) $6,400 C) $4,800 D) $8,800
When Lucine, a health department inspector, comes to inspect Jason's new restaurant, Jason offers her a certain sum of money to limit her inspection to the serving area. In doing so, Jason is committing the crime of ________
A) larceny B) criminal fraud C) embezzlement D) bribery
The length of time that it takes the tollbooth attendant to service each driver can typically be described by the
A) normal distribution. B) uniform distribution. C) exponential distribution. D) Poisson distribution. E) None of the above