Luminous Electrical Repair Performed Services Costing $8,000 on January 24

question 92

Essay

Luminous Electrical Repair performed services costing $8,000 on January 24 and invoiced the customer. Luminous received the $8,000 on January 31. Provide the journal entry on January 31 when the cash was received.

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Definitions:

Utility

A measure of satisfaction or pleasure that a consumer obtains from consuming goods and services.

Coffee

A brewed drink prepared from roasted coffee beans, the seeds of berries from certain Coffea species, consumed worldwide for its stimulating effects.

Donuts

A sweet, fried or baked pastry often shaped in rings or filled with various sweet fillings.

Price Ratio

Price Ratio is a comparative metric that divides the price of one good, asset, or commodity by another, often used to assess relative value or performance.