The Following Transactions Have Been Journalized and Posted to the Proper

question 110

Essay

The following transactions have been journalized and posted to the proper accounts.
1)Mark Call invested $7,000 cash in his new design services business.
2)The business paid the first month's rent with $700 cash.
3)The business purchased equipment by paying $2,000 down and executing a note payable for $4,500.
4)The business purchased supplies for $850 cash.
5)The business billed its clients a total of $4,000 for design services rendered.
6)The business collected $3,000 on account from one of its clients.
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What is the balance in Service revenue?
A) $1,000
B) $3,000
C) $4,000
D) $3,150

• A) $1,000
• B) $3,000
• C) $4,000
• D) $3,150

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Definitions:

Federal Power

The authority held by the national government of a federal state, as distinguished from the powers held by state or provincial governments.

States' Rights

The principle or belief in the U.S. political framework that states have certain rights and political powers independent of the federal government, often highlighted in debates on federalism and the distribution of powers.

Welfare Subsidies

Welfare subsidies refer to government financial assistance programs designed to help individuals and families in need to afford basic life necessities such as food, healthcare, and housing.

Defense Expenditure

financial spending dedicated to military forces and activities including personnel, operations, and maintenance, arms, and equipment procurement.