Receiving a cash payment for services

Assignment Help Accounting Basics

Reference no: EM13136669

A business receives a cash payment for services rendered. Which of the following occurs?

(a) an asset is debited and a revenue account is credited.

(B) an asset is debited and a revenue account is debited.

(D) an asset is credited and a liability is debited.

Reference no: EM13136669

Questions Cloud

On consolidated net income : Dennis Company is an 80%-owned subsidiary of Kay Industries. Dennis Company issued 10-year, 8% bonds in the amount of $1,000,000 on January 1, 20X1. On the distribution of income to the controlling and noncontrolling interests.

Fifo cost flow assumption for finished goods inventory : Direct material usage budget and direct material purchases budget and manufacturing overhead cost budgets for each of the three activities

Is there evidence to suggest that high school is inferior : Students from one large high school had a mean score of 58. Is there evidence to suggest that this high school is inferior?

What is the temperature : A 2.50-L container is filled with 187 g argon. If the pressure is 10.0 atm, what is the temperature?

Receiving a cash payment for services : A business receives a cash payment for services rendered. Which of the following occurs?

Calculate the mass percent composition of aluminum : A 4.78-g sample of aluminum completely reacts with oxygen to form 6.67 g of aluminum oxide. Calculate the mass percent composition of aluminum in aluminum oxide

Ramifications of higher gasoline taxes : One thing governments do well is collect taxes. Taxes are a policy instrument that raise revenue and can control behavior through economic or market pressures. What would some of the costs be to the public resulting from a higher tax on gasoline?

Which company will report highest amount of net income : Three different companies each purchased a mcahine on January 1, 2012 for 54,000. Each machine was expected to last five years or 200,000 hours, salvage walue was esitmated to be 4,000. which company will report highest amount of net income for 2..

Does analyst have statistical evidence to reject claim : Sample standard deviation of 1.1%. Using alpha = 0.05, does the analyst have statistical evidence to reject the claim made by the magazine?

User Account

All Pages