<\/p>
XYZ Services, a consulting firm, provides services to clients and invoices them for the work done. During the month of June, XYZ Services provided consulting services amounting to $20,000 to various clients. They received $15,000 in cash from clients and billed the remaining $5,000. Out of the billed amount, $3,000 was collected in cash during July, and the rest is still outstanding. Requirements: a. Record the provision of consulting services by XYZ Services. b. Prepare the journal entry to record the cash received from clients. c. Invoice the clients for the remaining amount. d. Record the cash collection for the outstanding invoices. e. Calculate the accounts receivable balance at the end of June and July.<\/p>
<\/p>", "transcribed_text": "", "related_book": { "title": "Contemporary Mathematics", "isbn": "1711470554, 978-1711470559", "edition": "1st Edition", "authors": "OpenStax", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/64d470aca1d44_40187.jpg", "uri": "\/textbooks\/contemporary-mathematics-1st-edition-9781711470559", "see_more_uri": "" }, "free_related_book": { "isbn": "1838551603", "uri": "\/textbooks\/hands-on-serverless-deep-learning-with-tensorflow-and-aws-lambda-1st-edition-978-1838551605-315276", "name": "Hands On Serverless Deep Learning With TensorFlow And AWS Lambda", "edition": "1st Edition" }, "question_posted": "2024-06-06 02:50:00", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/one-year-after-the-date-of-acquisition-how-is-the", "description": "One year after the date of acquisition, how is the amount of non- controlling interest on the SFP measured under the entity method and the parent-company extension method, respectively?", "stars": 3 }, { "url": "\/study-help\/schaums-outline-of-college-physics\/the-inclined-plane-depicted-in-fig-74-is-15-m-1151951", "description": "The inclined plane depicted in Fig. 7-4 is 15 m long and rises 3.0 m. 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During the year 2009 the company issued 8,000 shares on May 1 and retired 14,000...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/company-abc-is-assessing-its-production-costs-for-the-month-2334624", "next": "\/study-help\/questions\/budgeting-and-variance-analysis-at-apple-inc-values-budgeted-sales-2334626" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "XYZ Services, a consulting firm, provides services to clients and invoices them", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/xyz-services-a-consulting-firm-provides-services-to-clients-and-2334625" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }} }