Sharp Services Provided $800 of Consulting Work and $100 of Design

question 196

Multiple Choice

Sharp Services provided $800 of consulting work and $100 of design work to the same client.It billed the client for the total amount and is expecting to collect from the customer next month.Which of the following general journal entries did Sharp Services make to record the billing of the customer?

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Definitions:

Rights Offering

A method by which a company offers new shares to its existing shareholders in proportion to their current shareholding, typically at a discount to the current market price.

Market Price

Market price is the current price at which a security or commodity can be bought or sold in a public market.

Security

A financial instrument representing an ownership position in a publicly-traded corporation (stock), a creditor relationship with a governmental body or a corporation (bond), or rights to ownership as represented by an option.

Direct Private Long-term Debt Financing

A funding method where businesses borrow money directly from private investors, bypassing traditional bank loans, usually for a period longer than one year.