The Following Transactions for March Have Been Journalized and Posted

question 72

Multiple Choice

The following transactions for March have been journalized and posted to the proper accounts. Mar. 1 The business received a $10,000 cash contribution from the owner.
Mar) 2 Paid the first month's rent of $800.
Mar) 3 Purchased equipment by paying $4,000 cash and executing a note payable for $6,000.
Mar) 4 Purchased office supplies for $500 cash.
Mar) 5 Billed a client for $14,000 of design services completed.
Mar) 6 Received $6,000 on account for the services previously recorded.
What is the ending balance in the Service Revenue account?

• A) $16,000
• B) $10,000
• C) $14,000
• D) $6,000

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Definitions:

Licensing Board

An authoritative body responsible for overseeing and issuing licenses to individuals and businesses within certain professions, ensuring standards of practice are met.

Professional Letter

A formal piece of correspondence written in a standard format used for communication in professional settings.

Informal Note

A casual or unofficial piece of writing used for personal communication or reminders.

Confidential

Being prudent and conscious, revealed in confidence; secret information—especially in regard to speech.