HVAC Service the Following Transactions Occurred During November

question 160

Multiple Choice

HVAC Service The following transactions occurred during November:
.
-Refer to HVAC Service.The journal entry to record the bills sent to clients will include a debit of $12,000 to

• A)Service Revenue
• B)Cash
• C)Accounts Receivable
• D)Retained Earnings

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Definitions:

Balance Sheet

A document that outlines the financial position of a company, including assets, liabilities, and equity of the shareholders, at a certain time.

Biweekly Salaries

Payroll disbursements made to employees every two weeks, totaling twenty-six payments annually.

Fiscal Period

Any designated period of time for accounting purposes, typically a year, used by governments and businesses for financial reporting and budgeting.

Adjusting Entry

A journal entry made at the end of an accounting period to update the accounts and ensure they reflect the true financial position of the business.