Maryland Vacations Has a $2,200 Account Receivable from the Miami

question 63

Multiple Choice

Maryland Vacations has a $2,200 account receivable from the Miami Kiwanis. On March 11, the Kiwanis makes a partial payment of $1,050 to Maryland. The journal entry made on March 11 by Maryland to record this transaction includes:

• A) an increase in the Cash account of $1,150.
• B) an increase in the Accounts Receivable account of $1,150.
• C) an increase in the Service Revenue account of $1,050.
• D) a decrease in the Accounts Receivable account of $1,050.

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Definitions:

ISO 9000

A set of international standards for quality management and quality assurance designed to help companies effectively document and maintain an efficient quality system.

Industry

A sector of the economy that produces a specific type of goods or services, characterized by shared challenges, opportunities, and regulations.

Economic Activity

Represents the actions that involve the production, distribution, and consumption of goods and services within an economy.

Organizational Levels

The hierarchy within a company that structures the allocation of responsibility, from top management to lower-level employees.