Question
A law firm collected $3,500 on account for work performed and billed in the previous month. Which of the following general journal entries will the
A law firm collected $3,500 on account for work performed and billed in the previous month. Which of the following general journal entries will the firm make to record this collection of cash?
Debit Cash, $3,500; credit Unearned Revenue, $3,500.
Debit Cash, $3,500; credit Accounts Receivable, $3,500.
Debit Accounts Receivable, $3,500; credit Unearned Revenue, $3,500.
Debit Accounts Receivable, $3,500; credit Services Revenue, $3,500.
Debit Services Revenue, $3,500; credit Accounts Receivable, $3,500.
A law firm billed a client $3,500 for work performed in the current month. Which of the following general journal entries will the firm make to record this transaction?
Debit Accounts Receivable, $3,500; credit Services Revenue, $3,500.
Debit Services Revenue, $3,500; credit Accounts Receivable, $3,500.
Debit Cash, $3,500; credit Accounts Receivable, $3,500.
Debit Cash, $3,500; credit Unearned Revenue, $3,500.
Debit Accounts Receivable, $3,500; credit Unearned Revenue, $3,500.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
International Accounting
Authors: Frederick D. Choi, Gary K. Meek
7th Edition
978-0136111474, 0136111475
