On August 31, 2013, Peter Services Received $3,500 in Advance

question 17

Multiple Choice

On August 31, 2013, Peter Services received $3,500 in advance from a customer. Which of the following would be the journal entry to record the receipt of cash?

• A)debit Unearned Revenue $3,500 and credit Cash $3,500
• B)debit Cash $3,500 and credit Service Revenue $3,500
• C)debit Unearned Revenue $3,500 and credit Service Revenue $3,500
• D)debit Cash $3,500 and credit Unearned Revenue $3,500

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Definitions:

Method

A systematic way of doing something, often involving a detailed plan or procedure.

Caterpillars

The larval stage of butterflies and moths, known for their voracious appetite before transitioning into pupae.

Sufficient Condition

A condition or set of conditions that, if met, guarantees that a certain state or event will occur, though it may not be necessary for the occurrence.

Causal Factor

A condition or event that directly influences the occurrence of another event or condition, serving as its cause.