A Company Performed Tax Services for a Client on Account

question 69

Multiple Choice

A company performed tax services for a client on account.The amount billed to the client was $5,000.In transaction analysis,how does this transaction affect the accounting equation?

• A)Add $5,000 to Cash account and add $5,000 to Service Revenue account.
• B)Add $5,000 to Cash account and add $5,000 to Retained Earnings account.
• C)Add $5,000 to Accounts Receivable account and add $5,000 to Retained Earnings account.
• D)Add $5,000 to Accounts Payable account and add $5,000 to Service Revenue account.

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Definitions:

Meditation

A practice where an individual uses a technique, such as mindfulness or focusing the mind on a particular object, thought, or activity, to achieve a mentally clear and emotionally calm state.

Ego

The conscious part of the mind that navigates between the id and the super-ego.

Psychodynamic Theorists

Individuals in psychology who study and apply theories focused on the unconscious mind's influence over human behavior and emotions.

Interplay

The reciprocal influence or interaction between two or more factors, highlighting how they affect each other in various contexts.