Joel Consulting Received $3,000 from a Customer for Services Provided

question 146

Multiple Choice

Joel Consulting received $3,000 from a customer for services provided.Joel's general journal entry to record this transaction will be:

• A)Debit Services Revenue,credit Accounts Receivable.
• B)Debit Cash,credit Accounts Payable.
• C)Debit Cash,credit Accounts Receivable.
• D)Debit Cash,credit Services Revenue.
• E)Debit Accounts Payable,credit Services Revenue.

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Definitions:

Specialization of Labor

A process in which individuals or groups of workers concentrate on specific tasks, aimed at increasing efficiency and output.

Transactions Costs

Expenses incurred when buying or selling goods and services, including costs beyond the price of the product, such as time, effort, and fees.

Savings and Loan Debacle

A financial crisis in the 1980s and 1990s involving the collapse of savings and loan associations due to risky business practices and regulatory failures.

Risky Real Estate Loans

Loans given for real estate purchases that carry a higher risk of default, often due to the borrower's credit status or the nature of the property.