What Would Be the Account Balance in the Service Revenue

question 52

Multiple Choice

What would be the account balance in the Service Revenue account after the following transactions,assuming a zero beginning balance??
$\begin{array}{|l|l|}\hline\text { Performed services and left a bill. } & \$ 4,200 \\\hline \text { Performed services and collected immediately. } & \$ 3,500 \\\hline \text { Performed services and billed customer. } & \$ 2,200 \\\hline \text { Performed services on account. } & \$ 6,000 \\\hline \text { Received partial payment on account. } & \$ 1,500\\\hline\end{array}$

• A) $17,400 credit
• B) $14,400 credit
• C) $14,400 debit
• D) $15,900 credit
• E) $15,900 debit

---

Definitions:

Adjusting Entries

Adjusting entries are journal entries made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Loan Repay

Loan repayment is the act of paying back borrowed funds to the lender, typically in installments that include both principal and interest.

Notes Payable

Financial obligations represented by written promissory notes requiring the borrower to repay the amount borrowed plus interest.

Accounts Payable

Liabilities or money owed by a business to its creditors or suppliers for goods and services received.