Smith Technical Services Is Working on a Six-Month Job for a Client,starting

question 3

Multiple Choice

Smith Technical Services is working on a six-month job for a client,starting February 1.They will collect $48,000 from their customer when the job is finished.On March 1,their Accounts receivable account has a debit balance of $8,000.At the end of March,after monthly adjusting entries have been made,what will the balance in Accounts receivable be?

• A) Debit balance of $48,000
• B) Credit balance of $8,000
• C) Debit balance of $16,000
• D) Debit balance of $12,000

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Definitions:

Subject Matter Jurisdiction

Legal authority granted to a court to hear and decide cases of a particular category or pertaining to a specific subject matter.

Jurisdiction

Jurisdiction refers to the official power or authority of a legal body to make decisions and judgments in certain geographical areas or over specific types of legal cases.

Parties

Individuals, groups, or entities that engage in a legal agreement or are involved in a lawsuit.

Long-Arm Statute

Legislation that allows for the service of process beyond a state's borders if a party has sufficient connection to the state bringing the suit.