Multiple Choice
ABC Co.performed $5,000 of consulting work.Their customer paid them $1,500 right away and agreed to pay the balance in 30 days.Select the correct journal entry from the options below to record the transaction:
A) a debit to Cash for $1,500,a debit to Accounts Receivable for $3,500 and a credit to Fees Income for $5,000.
B) a debit to Cash for $1,500 and a credit to Fees Income for $1,500.
C) a debit to Accounts Receivable for $3,500 and a credit to Fees Income for $3,500.
D) a debit to Fees Income for $5,000,a credit to Cash for $1,500 and a credit to Accounts Receivable for $3,500.
Correct Answer:
Verified
Correct Answer:
Verified
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