On the last day of the month, a company receives $24,000 of cash from customers. Of that amount, $3,000 was for services performed and $21,000 represented payments on account. The journal entry to record the $24,000 cash receipt would include a debit to:
A. Cash for $24,000, a debit to Service Revenue for $3,000, and a credit to Accounts Receivable for $21,000.
B. Accounts Receivable for $21,000, a debit to Deferred Revenue for $3,000, and a credit to Cash for $24,000.
C. Accounts Receivable for $21,000, a debit to Service Revenue for $3,000, and a credit for $24,000 to Cash.
D. Cash for $24,000, a credit to Accounts Receivable for $21,000, and a credit to Service Revenue for $3,000.
Answer: D
You might also like to view...
Anna's new business looks like it can grow quickly and become profitable in its first year. Anna will likely find _____ possible sources of financing than those with less potential for growth and profits.
A. fewer B. about the same number of C. more D. many more
About how many people are waiting in line for a soda?
The soda machines outside the lecture hall sees a steady stream of customers throughout the day. Between the student's use of the machine and the mechanism, it takes 15 seconds (exponentially distributed) to deliver a can of carbonated sugar water to a thirsty customer. Over the course of a twelve hour lecture day, students arrive at the rate of 450 per hour. A) 11.8 B) 13.6 C) 15.5 D) 17.2
No medical exam is required for the purchase of an annuity, no matter how old the applicant
Indicate whether the statement is true or false
Samples gathered in such a way that every piece of product has an equal chance of being selected for inspection are called ________.
Fill in the blank(s) with the appropriate word(s).