Bertrand Inc

question 43

Multiple Choice

Bertrand Inc. performed services for clients in the amount of $1,350 on credit. If this transaction had been posted in error to the Cash account instead of the Accounts Receivable account, what correcting entry would be necessary?

• A)Debit Accounts Receivable $1,350; credit Fees Income $1,350
• B)Debit Fees Income $1,350; credit Cash $1,350
• C)Debit Accounts Receivable $1,350; credit Cash $1,350
• D)Debit Cash $1,350; credit Accounts Receivable $1,350

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Definitions:

Activity-Based Costing

A costing method that assigns overhead and indirect costs to specific activities, providing detailed information on where and how costs are incurred.

Product V7

A hypothetical or specific version of a product, indicating the seventh iteration or release.

Activity-Based Costing

A costing method that assigns overhead and indirect costs to related products and services based on their usage of resources.

Product F1

A specific product identified as F1, details of which would depend on the context in which it is referenced.