A law firm collected $3200 on account for work performed in the previous month. Which of the following general journal entries will the firm make to record this collection of cash?
A. Debit Accounts Receivable, $3200; credit Unearned Legal Fees Revenue, $3200.
B. Debit Accounts Receivable, $3200; credit Legal Fees Revenue, $3200.
C. Debit Cash, $3200; credit Accounts Receivable, $3200.
D. Debit Legal Fees Revenue, $3200; credit Accounts Receivable, $3200.
E. Debit Cash, $3200; credit Unearned Legal Fees Revenue, $3200.
Answer: C
You might also like to view...
Vertical analysis of income statements automatically provides the cost of goods sold ratio and the gross profit ratio
a. True b. False Indicate whether the statement is true or false
In 2010, dozens of Bangladeshis were killed in two separate fires in factories that made clothing for western clients such as JCPenney and Gap
In November 2012, 112 garment workers were killed when a fire broke out at Tazreen Fashions, a clothing manufacturer in Dhaka, Bangladesh. What are the implications of these tragic incidences on the export by a country dependent on exports?
Explain why writing analytical reports are more challenging than writing informational reports, and how to determine which approach to use when writing the informational report
What will be an ideal response?
When using the persuasive approach to write a sales letter for a new product, you should begin by:
A. asking for the desired action on the part of the reader. B. presenting benefits that generate the reader's interest. C. getting the reader's attention in the opening sentence. D. providing information that will generate a desire on the reader's part.