What Would Be the Account Balance in the Service Revenue

question 113

Multiple Choice

What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? $\begin{array}{|l|l|}\hline \text { Performed services and left a bill. } & \$ 4,200 \\\hline \text { Performed services and collected immediately. } & \$ 3,500 \\\hline \text { Performed services and billed customer: } & \$ 2,200 \\\hline \text { Performed services on account. } & \$ 6,000 \\\hline \text { Received partial payment on account. } & \$ 1,500 \\\hline\end{array}$

• A) $17,400
• B) $10,900
• C) $14,400
• D) $ 9,000
• E) $15,900

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Definitions:

Graduated Commission

A commission structure where the rate of commission increases with the level of sales or transactions completed.

Average Rate

The mean value of rates over a specified period or under certain conditions.

Mortgage Rate

The interest rate charged on a mortgage, typically expressed as an annual percentage.

GST

Goods and Services Tax, a type of value-added tax imposed on the majority of goods and services that are sold within the country for local use.