Credit to service revenue

Reference no: EM13153610

Topeka Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The correcting entry is:

1. debit Cash, $940; credit Accounts Receivable, $940.

2. debit Accounts Receivable, $940; credit Cash, $450 and Service Revenue, $490.

3. debit Cash, $450 and Service Revenue, $490; credit Accounts Receivable, $940.

4. debit Cash, $450 and Accounts Receivable, $490; credit Service Revenue, $940.

Reference no: EM13153610

Questions Cloud

Problem on contribution margin per unit : Fixed manufacturing costs are $5 per unit based on the current level of activity, and fixed selling and administrative costs are $4 per unit. A selling commission of 10% of the selling price is paid on each unit sold. The contribution margin per u..

Epistolary narrative : My next piece of assessment is called writing an "epistolary narrative" and I am really stuck with it as I don' have examples and do not know how to write it.

Elements of cost-volume profit analysis : Explain the components of cost-volume profit analysis. What does each of the components mean?

Lines experience surface finish problem between given range : What is the probability that none of the lines experiences a surface finish problem in 40 hours of operation. What is the probability that all three lines experience a surface finish problem between 20 and 40 hours of operation.

Credit to service revenue : Topeka Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The correcting entry is:

How much cl2 can be produced : Chlorine gas can be produced commercially by passing an electric current through a con- centrated solution of sodium chloride (brine).

Explain example of a simple random sample : A professor needs to select a volunteer for a project .which of the following would not be an example of a simple random sample ?A)he chooses a number between 00 and 99.

How much will you have in your account years from now : if you deposit $1000 now, $3000 four years from now follows by five quartely deposite decreasing by $500 per quarter at an interest rate of 12% per years compounded quartely. how much will you have in your account 10 years from now?

Which of above is not consistent with fluid mosaic model : Which of the above is NOT consistent with the fluid mosaic model of membrane structure?

User Account

All Pages