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What the entry to record services performed for cash clients

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Reference no: EM132624184

Problem 1: The entry to record services performed for cash clients is

Option 1: a debit to Accounts Receivable and credit to Service Fees

Option 2: a debit to Cash and a credit to Accounts Receivable

Option 3: a debit to Cash and credit to Service Fees

Option 4: a debit to Service Fees and a credit to Cash

Problem 2: The owner's initial investment of cash into the company is recorded as a ________ to the owner's capital account.

Option 1: debit

Option 2: credit

Option 3: either debit or credit

Reference no: EM132624184

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