A Company Provided $12,000 of Consulting Services, and Was Immediately

question 72

Multiple Choice

A company provided $12,000 of consulting services, and was immediately paid in cash by the customer.Identify the journal entry below that properly records this transaction.

• A) \[\begin{array} { | l | r | l | }
• \hline \text { Accounts receivable } & 12,000 & \\
• \hline \text { Consulting services revenue } & & 12,000 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | l | r | r | }
• \hline \text { Accounts receivable } & 12,000 & \\
• \hline \text { Cash } & & 12,000 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | l | r | l | }
• \hline \text { Consulting services revenue } & 12,000 & \\
• \hline \text { Cash } & & 12,000 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | r | r | }
• \hline \text { Cash } & 12,000 & \\
• \hline \text { Consulting services revenus } & & 12,000 \\
• \hline
• \end{array}\]
• E) \[\begin{array} { | l | r | l | }
• \hline \text { Accounts payable } & 12,000 & \\
• \hline \text { Consulting services revenue } & & 12,000 \\
• \hline
• \end{array}\]

Identify the alphanumeric structure of DTCs based on SAE J2012 standards.

Know the function of spark plugs in the combustion process.

Understand the different methods through which monitors perform tests.

Know the conditions under which a Malfunction Indicator Light (MIL) is activated.

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Definitions:

Direct Combination Costs

Expenses directly associated with the process of merging two or more companies, such as legal fees, advisory services, and administrative expenses.

Contingent Consideration

A future payment in a business acquisition that is dependent on specific conditions being met, often related to the target company's performance.

Bargain Purchase

A transaction in which a company acquires assets or another company for a price significantly below the fair market value of the assets.

Acquisition Transaction

A business deal in which one company purchases another company to expand its operations or enter new markets.