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.

Identify and describe the brain regions involved in complex planning and decision making, and their specific roles.

Describe cerebral asymmetry in terms of functionality and task specialization between the brain's hemispheres.

Comprehend the significance of mirror neurons and the evolution of sex differences in cognition.

Gain knowledge on conditions like synesthesia, theory of mind, and consciousness, including their neural basis and experimental study methods.

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Definitions:

Accounting Profits

The difference between total revenue and explicit costs, representing the net income shown on a company's financial statements.

Implicit Costs

The opportunity costs associated with a company's use of resources that it owns, representing the potential income lost by not using those resources in an alternative way.

Total Revenues

The overall sum of money earned by a business from its sales of goods or services, calculated without deducting any expenses.

Marginal Product

The incremental increase in output resulting from the use of one additional unit of a resource, while keeping other resources constant.