The Following Transactions for the Month of March Have Been

question 3

Multiple Choice

The following transactions for the month of March have been journalised and posted to the proper accounts.

Mar 1 Martinez invested $10,000 cash in his new design services business.
Mar 2 Paid the first month's rent of $500.
Mar 3 Purchased equipment by paying $1000 cash and executing a loan payable for $5000.
Mar 4 Purchased office supplies for $750 cash.
Mar 5 Billed a client for $11,000 of design services completed.
Mar 6 Received $7000 on account for the services previously recorded.
What is the ending balance in the Service revenue account?

• A)$17,000
• B)$10,000
• C)$7000
• D)$11,000

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Definitions:

Research Study

An organized inquiry or investigation conducted to gather data and information to solve a problem, test a hypothesis, or answer a question.

Experimental Group

The group in an experiment that receives the variable being tested, which contrasts with the control group that does not receive the test variable.

Spaced Practice

A learning technique that involves breaking up studying into shorter sessions over a longer period, improving retention over time.

Overlearning

The continued practice or study of material or skills past the point of initial mastery, leading to automaticity and long-term retention.