Asked by
Mandlenkosi Manzini
on Nov 14, 2024Verified
On July 7 2016 Rancho Realty Co. performed cash services of $1900. The entry to record this transaction would include
A) a debit to Service Revenue of $1900.
B) a credit to Accounts Receivable of $1900.
C) a debit to Cash of $1900.
D) a credit to Accounts Payable of $1900.
Service Revenue
Service Revenue is the income a company earns from providing services as opposed to selling physical products.
Accounts Receivable
Outstanding payments from customers to a firm for goods or services that have already been delivered or utilized but remain unpaid.
- Examine how transactions influence the cash balance.
Verified Answer
KC
Learning Objectives
- Examine how transactions influence the cash balance.