XYZ Coreceived $3,000 in Payments from Clients for Services Billed in in a Previous

question 80

Multiple Choice

XYZ Co.received $3,000 in payments from clients for services billed in a previous month.Which accounts will be affected and by what amounts under the accrual basis of accounting?

• A) Cash will increase by $3,000 and accounts receivable decrease by $3,000.
• B) Cash will increase by $3,000 and revenues will increase $3,000.
• C) Accounts receivable will increase by $3,000 and revenue will increase by $3,000.
• D) Accounts receivable will increase by $3,000 and cash will increase by $3,000.

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Definitions:

Homophobia

The fear, hatred, discomfort with, or mistrust of people who are gay, lesbian, bisexual, or transgender.

Group Marriages

A type of marriage in which more than two people form a familial unit, sharing responsibilities, duties, and intimate relations.

Biphobic Marginalization

The exclusion or discrimination against individuals who are bisexual, stemming from stereotypes or negative attitudes towards bisexuality.

Asexuality

An absence of sexual desire.