The Journal Entry to Record an Exchange of Assets Would

question 65

Multiple Choice

The journal entry to record an exchange of assets would include

• A) a debit to Cash and a credit to Fees Earned.
• B) a debit to Supplies and a credit to Accounts Payable.
• C) a debit to Cash and a credit to Accounts Receivable.
• D) a debit to Fees Earned and a credit to Accounts Receivable.

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Definitions:

Executive Administrative Agency

A government agency under the executive branch that enforces laws and regulations in specific areas.

Executive Branch

The branch of government responsible for implementing and enforcing laws, typically headed by the president or prime minister and consisting of cabinet members and other officials.

Specialized Bodies

Organizations or groups that focus on a specific field or area of expertise, providing insight or governance.

Regulated Field

An area or domain under the oversight of government rules or laws, often requiring specific licenses or compliance standards.