Answered: A business renders services to a…

A business renders services to a customer for OR16,000 on account. Which account is credited? Select one: O a. Cash O b. Accounts payable O c. Accounts receivable O d. service revenue

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter10: Financial Statements And Reports

Section: Chapter Questions

Problem 4.4C

See similar textbooks

Related questions

Q: Collection of an R.O 1500 Accounts Receivable. The effect on the components of the basic accounting…

Q: Rolle Company had the following journal entry:…

A: Service revenue means the amount for which the services has been rendered and income has been booked…

Q: Jensen Company had the following journal entry:…

A: To record the cash receipt of service revenue, cash should be debited and service revenue should be…

Q: Identify the normal balance (debit or credit) for each of the following accounts. a. Fees Earned…

A: Normal balance for all asset and expense accounts is debit and for all liability and income accounts…

Q: The following ledger accounts are used by Rachel Zane Repair Shop: m. Zane, Withdrawals n. Salaries…

A: Balance sheet means where all assets , liabilities and capital is shown. Accounting principles says…

Q: For each transaction, indicate the following January 2 transaction is given as an example. (a) The…

A: Journal Entry: Date Particulars Debit Credit Jan-02 Cash A/c Dr $10,000 To Owner's…

Q: AccountingQ&A LibraryAccording to the list items below, tick (√) either the debit column or credit…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Consider the recorded transactions below. Debit Credit 1. Accounts Receivable 7,800 Service Revenue…

A: PLEASE LIKE THE ANSWER when asset is debited, it will increase when asset is credited, it will…

Q: Star Search billed clients P 3,600 for services rendered. Which of the following reflects the proper…

A: Journal entries recording is the initial step in accounting cycle. Under this, atleast one account…

Q: (a) Analyze the following transactions under the Accounting Equation Approach. Commenced business…

A: Accounting equation, also known as basic accounting equation, provides the foundation for all…

Q: E3-15 Inferring Transactions and Computing Effects Using T-Accounts [LO 3-1, LO 3-2, LO 3-3]A…

A: Step1: Describing the transactions that cause it to increase and decrease. We have,

Q: Which of the following journal entries would be recorded if a business purchasedOR200 of supplies on…

A: Purchases are the goods or raw material purchased by the firm for the production. Purchase can made…

Q: Consider the recorded transactions below.…

A: T Accounts are used in accounting to check and track the debits and credits of the financial…

Q: The business collects an OR5,000 account receivable from its customer. How is the accounting…

A: Account Receivable (AR) is a current asset of the business .It is the balance of money due to a firm…

Q: A business has opening balance of payable of 65000 and closing balance of payables of 75000. Cash…

A: Credit purchases: If a company purchase the inventory on account, it is termed as credit purchases.

Q: The following transactions occurred during April: Received $900 cash for services provided to a…

A: Amount would appear as Revenue on the April accrual accounting income statement = Cash revenue for…

Q: Which of the following journal entries would be recorded if a business renders service and receives…

A: Answer: Option a is Correct Correct Entry :

Q: Record each of the following transactions or recognitions in T-account format, label the accounts…

A: A T-Account is a visual presentation of the journal entries recorded in a general ledger account.…

Q: Use the following Company T adjusted trial balance to prepare the following: Adjusted Trial Balance…

A: Financial statement: Financial statements are organized summaries of detailed information about the…

Q: The following revenue transactions occurred during April: Apr. 6. Issued Invoice No. 78 to Lemon Co.…

A: Revenue Journal A journal is a book of original entry where all journal entries are recorded on the…

Q: For the following accounts please indicate whether the normal balance is a debit or a credit. A.…

A: Introduction: Each and business every transactions effects minimum two entries. 1 ) Debit 2 )…

Q: For each transaction, indicate whether the assets, liabilities, or owner’s equity increased (I),…

A: Below is the effect of the transactions

Q: The following selected transactions for Sheffield Corp. are presented in journal form. J1 Date…

A: Assets like cash and accounts receivable normally have a debit balance. Revenues normally have a…

Q: For each of the transactions below, indicate the account to be debited or credited by placing the…

A: Solution: As per double entry system, every financial transactions affects atleast two accounts, one…

Q: Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded…

A: Expense refers to the amount or cost which is incurred by the business to generate income or…

Q: The journal entry Debit telephone bill, credit Accounts payable is correct for which of the…

A: The journal entry for debit telephone bill and credit account payable is the business has received…

Q: Broadmor Industries collected $7,500 from a customer on account. What journal entry will be prepared…

A: Given that, Cash collected from customer on account = $7,500 Customer on account are those…

Q: For each transaction, (1) analyze the transaction using the accounting equation, (2) record the…

A: SOLUTION

Q: An entity purchases office equipment for 525,000 on account. Select the appropriate journal entry to…

A: The daily transaction that occur in business are to be recorded in Journal.

Q: Choose the letter corresponding to the correct answer for each of the questions provided below. 1.…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: The Accounts Payable account of Waterford, Inc. has the following postings: Accounts Pay able 17,000…

A: Accounts payable is a liability of the business. This account is credited when we make any purchase…

Q: FIII In the Blank Questlon A company purchased $300 of supplies on account. This transaction would…

A: Supplies is a current asset with a normal debit balance. When a company purchases on account, the…

Q: True Value is a company providing cleaning services to customers amounting to OMR 4,500 on credit,…

A: Services are provided on account, so cash will not be debited. Instead accounts receivable will be…

Q: Prepare a trial balance for Eldorado Corporation using the following Information. List accounts In…

A: Trial balance: It is often defined as one of the company's financial statements that shows the…

Q: Analyze the effects of a Company's transactions on the accounting equation. Included are the…

A: Accounting Equations:- Accounting equation is also known as the balance sheet equation that shows…

Q: Venus Inc. paid $5,000 on accounts payable. How does this transaction affect the accounting equation…

A: Accounts payable is part of current liability which is reported on equity and liabilities side under…

Q: a. debit to income from services, P2,300. 2,300. accountant would record a b. credit to income from…

A: Solution 19: Cash is real account, same is debited when cash is received based on principal "Debit…

Q: A business renders services to a customer for OR16,000 on account. Which account is credited? Select…

A: Accounts receivable: It is a current asset of an organization. It is the amount due from customers…

Q: Office supplies were purchased on account for $ 4,000. Which account is ?credited Office supplies…

A: Account Payable :— Account Payable is Liability in Nature it is a Amount which is required to pay on…

Q: 1.Billed customers for fees earned, $54,100.2.Purchased supplies on account, $1,250.3.Received cash…

A: The financial statements of the business are prepared using the balances from the trial balance.

Q: Normal Balances of Accounts Identify each of the following accounts of Dispatch Services Co. as…

A: Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the…

Q: | CH ital is debited. ne from Services is credited. Kennedy Company received and paid the rent for…

A: SOLUTION ACCORDING TO THE NOMINAL ACCOUNT RULE ALL EXPENSES ARE DEBIT AND ALL INCOMES ARE CREDIT .

Q: Use the following Company T adjusted trial balance to prepare the following: Adjusted Trial Balance…

A: Written records called financial statements describe an entity's operations and financial…

Question

A business renders services to a customer for OR16,000 on account. Which account is credited?

Select one:

O a. Cash

O b. Accounts payable

O c. Accounts receivable

O d. service revenue

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

From the following list, identify which items are considered original sources: A. prepaid insurance B. bank statement C. sales ticket D. general journal E. trial balance F. balance sheet G. telephone bill H. invoice from supplier I. company sales account J. income statement
A business renders services to a customer for OR16,000 on account. Which account is credited? Select one a. Accounts payable b. Cash c Accounts receivable d. service revenue CEA MYCe o o o o
When a customer pays in advance for products or services, which of the following accounts is credited? a.Sales Revenue b.Cash c.Unearned Revenue d.Accounts Receivable
When a company extends credit directly to a customer for a purchase, the sale is recorded as a debit in the O A. customer record B. general ledger O C. cash flow journal D. balance sheet SUBMIT
Which of the following journal entries would be recorded if a business renders service and receives cash of OR400 from the customer? Select one: O a. Cash 400 Service revenue 400 O b. Service revenue 400 Cash 400 O c. Service revenue 400 Accounts payable 400 O d. Service revenue 400 Accounts receivable 400
What is the GL entry when a company receives a payment from a customer? Debit revenue, credit customer Debit customer, credit revenue Debit bank, credit customer, credit accounts reconciliation account Debit accounts reconciliation account, credit bank Debit accounts reconciliation account, debit customer, credit bank
Use the following T-account for Careful Corporation to answer questions 11 and 12: Accounts Receivable Beg. Bal. $ 187 18 150 6 64 15 19 End. Bal. $ ? The ending balance of Accounts Receivable for Careful is: Group of answer choices A. $401 debit B. $343 debit C. $343 credit D. $ 58 credit
Record the following transaction: Provided $350 of services to customer on account. Please show solution
The accounts receivable are sold to company known as a. Broker b. Factor c. Accounting service company d. Commission agen
A credit memorandum results in a(n) ___ in a customers accounts receivable file. A. memo B. decrease C. Transer D. Increase
The accounts receivable are sold to company known as a. Commission agent b. Accounting service company c. Broker d. Factor
When a company makes a sale and accepts a credit card payment from a customer, the company: Multiple Choice debits Cash. credits Accounts Receivable. credits Cash. debits Accounts Receivable. < Prev 29 of 50 Next T:T