ABC Co Performed $5,000 of Consulting Work

question 71

Multiple Choice

ABC Co. performed $5,000 of consulting work. Their customer paid them $3,500 right away and agreed to pay the balance in 30 days. Select the correct journal entry from the options below to record the transaction:

• A)a debit to Cash for $3,500, a debit to Accounts Receivable for $1,500 and a credit to Capital for $5,000.
• B)a debit to Cash for $3,500 and a credit to Fees Income for $3,500.
• C)a debit to Fees Income for $5,000, a credit to Cash for $3,500 and a credit to Accounts Receivable for $1,500.
• D)a debit to Cash for $3,500; a debit to Accounts Receivable for $1,500 and a credit to Fees Income for $5,000.

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Definitions:

Attachment Styles

Patterns of attachment behavior that result from one's childhood experiences with caregivers, influencing relationships and emotional bonds in adulthood.

Euphoria

A feeling or state of intense excitement and happiness, often beyond normal happiness levels, which can be natural or induced by substances.

Secure Attachment

A type of emotional bond characterized by trust and confidence, typically formed in early childhood with caregivers.

Anxious/Ambivalent

A type of attachment characterized by intense emotional responses and a preoccupation with obtaining closeness and reassurance from attachment figures.