On August 31,2016,Peter Services Received $3,500 in Advance of Performing

question 76

Multiple Choice

On August 31,2016,Peter Services received $3,500 in advance of performing the service.Which journal entry is needed 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:

Performance Measures

Metrics or indicators used to assess and quantify the efficiency, productivity, and success of an organization's activities.

Financial Performance

An assessment of how well a company can use assets from its primary mode of business and generate revenues.

Non-Financial Performance

Non-financial performance encompasses the qualitative aspects of a business's operations and success, such as customer satisfaction, employee morale, and brand reputation, which are not directly measured in monetary terms.

Critical Success Factors

The essential elements or conditions required for ensuring the success of an organization or a project.