On July 7,2012,Saints Inc

question 14

Multiple Choice

On July 7,2012,Saints Inc.received $10,000 in cash from a customer for services to be provided on October 10,2012.Which of the following describes how the transaction should be recorded on July 7,2012?

• A)Debit Cash $10,000,credit Service Revenue $10,000.
• B)Debit Accounts Receivable $10,000,credit Service Revenue $10,000.
• C)Debit Cash $10,000,credit Unearned Revenue $10,000.
• D)Debit Unearned Revenue $10,000,credit Cash $10,000.

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Definitions:

Cocaine

A powerful stimulant drug derived from the leaves of the coca plant, which is used medicinally as a local anesthetic but is also abused for its euphoric effects.

CNS

Central Nervous System, consisting of the brain and spinal cord, responsible for processing and sending out signals.

Autonomic Division

A part of the nervous system that controls involuntary bodily functions, including the heart rate and digestion.

Peripheral Nervous System

The peripheral nervous system consists of the nerves and ganglia outside of the brain and spinal cord, responsible for transmitting information to and from the central nervous system.