Ben's Discorama Received $1,000 for Services in Designing a Disc

question 28

Multiple Choice

Ben's Discorama received $1,000 for services in designing a disc golf course. It is recorded with a

• A) debit to Accounts Receivable.
• B) credit to Cash.
• C) debit to an expense account.
• D) credit to Service Revenue.

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Definitions:

Resource Extraction

This term refers to the process of obtaining resources from the Earth, such as minerals, oil, and gas, through methods like mining, drilling, and fracking.

Conservation

The practice of protecting the natural environment and preserving resources by managing and using them responsibly to prevent depletion.

Present Value

Today’s value of some amount of money that is to be received sometime in the future.

$50 Barrel

A pricing level for a barrel of crude oil, often used as a reference for energy market analysis and economic forecasting.