J Wood Performed Carpentry Services for $7500

question 57

Multiple Choice

J. Wood performed carpentry services for $7500. He received cash of $5000 with the balance to be received within 28 days. Ignoring GST, the transaction is recorded as which of the following?

• A) DR Cash $5000; DR Accounts receivable $2500; CR Income earned $7500
• B) DR Income earned $7500; CR Cash $5000; CR Accounts payable $2500
• C) DR Cash $7500; CR Equity $7500
• D) DR Cash $5000; DR Equity $2500; CR Income earned $7500

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Definitions:

Defensive Response

Reactions or behaviors that organisms adopt to protect themselves from perceived threats or harm.

Aplysia

A genus of sea slugs used extensively in neurological research due to their simple nervous systems.

Electric Shock

is often used as an aversive stimulus in behavioral experiments, to study learning or modify behavior.

Solomon and Corbit

described the opponent-process theory of motivation and emotion, which explains how the intensity and duration of emotional experiences can change over time with repeated exposure.