B Flat, CPA, Collected Fees of $650 Not Previously Billed

question 68

Multiple Choice

B. Flat, CPA, collected fees of $650 not previously billed or recorded. The journal entry to record the collection would include

• A) debit Cash, $650; credit Accounting Fees, $650.
• B) debit Accounts Receivable, $650; credit Accounting Fees, $650.
• C) debit Accounting Fees, $650; credit Accounting Fees, $650.
• D) debit Cash, $650, credit Accounts Receivable, $650.

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Definitions:

Dollar Limits

The maximum amount of money that can be claimed from a jurisdictional perspective or under a specific insurance policy.

Breach Of The Insurance Contract

occurs when either the insurer or the insured fails to fulfill their contractual obligations in an insurance policy.

Policy Provisions

Specific terms and conditions outlined in an insurance policy or other formal document that define coverage, limitations, and obligations of the parties involved.

Average Person

A hypothetical individual who represents a standard or norm in behavior, judgment, and values.