Ignoring GST, Which of the Following Entries Correctly Records the Receipt

question 1

Multiple Choice

Ignoring GST, which of the following entries correctly records the receipt by Swift Garden Maintenance of $500 in cash for gardening services?

• A) DR Bank $500; CR Services $500
• B) DR Services $500; CR Bank $500
• C) DR Bank $500; CR Debtors $500
• D) DR Equity $500; CR Services $500

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Definitions:

Court Order

A directive issued by a court or judge requiring an individual or entity to perform or cease performing specific acts.

Specific Performance

A legal remedy requiring a party to perform a specific act, usually fulfilling contractual duties, as opposed to paying damages.

Rare Book

A book considered valuable due to its scarcity, age, historical significance, first edition status, or unique physical characteristics.

Half-inch Screws

Small fastening devices measuring half an inch, commonly used in various construction and repair tasks.