Mary Richardo Has Performed $500 of CPA Services for a Client

question 195

Multiple Choice

Mary Richardo has performed $500 of CPA services for a client but has not billed the client as of the end of the accounting period.What adjusting entry must Mary make?

• A)Debit Cash and credit Unearned Service Revenue
• B)Debit Accounts Receivable and credit Unearned Service Revenue
• C)Debit Accounts Receivable and credit Service Revenue
• D)Debit Unearned Service Revenue and credit Service Revenue

Understand the characteristics and functions of secondary markets, and differentiate them from primary markets.

Learn about the bid-ask spread and its components, including the factors that influence its size.

Comprehend the concept and strategic use of maintenance margins and margin calls in leveraged trading.

Understand the levels-of-processing principle and its impact on memory retention.

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Definitions:

Mental Age

Mental age is a measure of an individual's mental aptitude based on their performance on a standardized test, compared to the average performance of others in their age group.

Intelligence Quotient

is a measure of a person's cognitive abilities in relation to others, typically assessed through standardized tests that evaluate various aspects of intelligence.

Chronological Age

The actual age of an individual measured in years from the date of birth.

Mental Set

A frame of mind involving an established way of thinking, which can sometimes inhibit the ability to solve new problems.