During January,services Totaling $1,500 Were Performed on Account for a Customer.The

question 196

Multiple Choice

During January,services totaling $1,500 were performed on account for a customer.The company collected that $1,500 from the customer in March.The journal entry to record the receipt of cash from the customer is recorded with a debit to:

• A)Cash and a credit to Accounts Receivable.
• B)Cash and a credit to Accounts Payable.
• C)Cash and a credit to Revenue.
• D)Purchases and a credit to Cash.

---

Definitions:

Problem-solving Skills

The ability to engage in a process to define a problem, generate solutions, evaluate alternatives, and decide on a course of action.

Schedule A

A form used in the U.S. to itemize deductions on an individual's federal tax return.

AGI Limitation

Refers to the limits placed on certain tax benefits or deductions that are based on the taxpayer's Adjusted Gross Income (AGI), restricting eligibility or the extent of benefits based on AGI.

Reimbursed

Reimbursed refers to the act of repaying someone for expenses they have incurred, often related to their employment or agreed upon activities.