Use the Following Information for Questions

question 37

Multiple Choice

Use the following information for questions
During a recent week, Cairns Consulting received $15,000 cash from clients for services performed with a total value of $50,000.The balance is to be received within 30 days.
-The effect of this transaction in the accounting records would be:

• A)+ $50,000 revenue = + $15,000 cash + $35,000 accounts receivable
• B)+ $35,000 net income = + $35,000 assets
• C)+ $15,000 revenue = + $15,000 cash
• D)+ $50,000 revenue = + $50,000 accounts receivable

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