The Following Transactions for the Month of March Have Been $\$ 9,000$

question 27

Multiple Choice

The following transactions for the month of March have been journalized and posted to the proper accounts. Mar, 1 The business received $\$ 9,000$ cash and issued common stock to stockholders.
Mar. 2 Paid the first month's rent of $800.
Mar. 3 Turchasad equipment by paying $3,000 cash and executing a note payable for \$5,000.
Mar. 4 Turchasod office supplies for $\$ 750 \mathrm { cash }$ .
Mar. 5 Eilled a client for $10,000 of design services completed.
Mar. 6 Received $8,000 on account for the services previously recorded.
-What is the ending balance in the Service Revenue account?

• A)$19,000
• B)$9,000
• C)$10,000
• D)$8,000

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Definitions:

Probated

Referring to the legal process in which a will is reviewed to determine whether it is valid and authentic.

Option Contract

A contract that gives the holder the right, but not the obligation, to buy or sell an asset at a specified price within a specified period.

Legal Detriment

A loss or disadvantage that one party agrees to suffer upon entering into a contract, which serves as consideration for the contract.

Restatement

An authoritative secondary source providing a comprehensive summary of the common law and its applications in various legal cases.