Kincaid Company Provided Consulting Service of $2,500 to a Customer

question 33

Short Answer

Kincaid Company provided consulting service of $2,500 to a customer who paid $1,300 and promised to pay the remainder next month.Which of the following journal entries correctly records this transaction?

Know the requirements and qualifications for becoming a Certified Public Accountant (CPA).

Understand how transactions impact financial statements and the accounting equation.

Distinguish between different types of business activities: operating, investing, and financing.

Know the principles guiding the recognition of revenue and expenses.

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Definitions:

Treatment Sensitive

Describes conditions or subjects that exhibit detectable or significant changes in response to interventions or treatments.

Objective Evidence

Information that is measurable, factual, and unbiased, observable by an external observer.

Counseling

The professional guidance of individuals by the use of psychological methods, particularly in resolving personal conflicts and emotional problems.

Research Training Environment

The context or setting in which research skills and knowledge are taught and learned.