Joel Consulting Received $3,000 from a Customer for Services Provided

question 149

Multiple Choice

Joel Consulting received $3,000 from a customer for services provided. Joel's general journal entry to record this transaction will be:

• A) Debit Cash, credit Accounts Receivable.
• B) Debit Accounts Payable, credit Services Revenue.
• C) Debit Services Revenue, credit Accounts Receivable.
• D) Debit Cash, credit Accounts Payable.
• E) Debit Cash, credit Services Revenue.

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Definitions:

Functional Needs

The basic requirements that products or services must meet to be considered useful and satisfactory by consumers.

Psychological Needs

Fundamental human motivations that drive behavior, such as the need for esteem, belonging, and self-actualization.

Psychological Needs

Fundamental human motivations that encompass aspects like autonomy, competence, and relatedness, influencing behavior and well-being.

Consumer Decision Process

The steps that consumers go through before, during, and after making a purchase, including problem recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation.