A Transaction Has Been Recorded in the General Journal of Van

question 23

Multiple Choice

A transaction has been recorded in the general journal of Van Buren Company as follows:
$$\begin{array} { | l | r | r | } \hline \text { Cash } & 5,000 \\\hline \text { Service Reveruse } & & 5,000 \\\hline\end{array}$$
Which of the following describes how this entry affects the company's financial statements when it is posted to the ledger accounts?
$\begin{array} { | c | c | c | c | c | c | c | c | c | c | c | c | } \hline&&&&&\text { Stk. }&&&&&&\text { Stmt of }\\ &\text { Asset }&=&\text { Liab. }&+&\text { Equity }&\text { Rev. }&-&\text { Exp. }&=&\text { Net Inc. }&\text { Cash Flows }\\\hline A&+&=&+&+&NA&NA&-&+&=&-&NA\\\hline B&+-&=&NA&+&NA&+&-&NA&=&+&+OA\\\hline C&+&=&NA&+&+&+&-&NA&=&+&+FA\\\hline D&+&=&NA&+&+&+&-&NA&=&+&+OA\\\hline\end{array}$

• A) Option A
• B) Option B
• C) Option C
• D) Option D

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