A Company Provided $12,000 of Consulting Services on Account $\begin{array}{|l|r|r|}\hline \text { Accounts Payable } & 12,000 & \\\hline \text { Cash } & & 12,000 \\\hline\end{array}$

question 99

Multiple Choice

A company provided $12,000 of consulting services on account. The customer promises payment in 30 days. Identify the journal entry below that properly records this transaction.

• A) \(\begin{array}{|l|r|r|}
• \hline \text { Accounts Payable } & 12,000 & \\
• \hline \text { Cash } & & 12,000 \\
• \hline
• \end{array}\)
• B) \(\begin{array}{|l|r|r|}
• \hline \text { Cash } & 12,000 & \\
• \hline \text { Consulting Services Revenue } & & 12,000 \\
• \hline
• \end{array}\)
• C) \(\begin{array}{|l|r|r|}
• \hline \text { Consulting Services Revenue } & 12,000 & \\
• \hline \text { Cash } & & 12,000 \\
• \hline
• \end{array}\)
• D) \(\begin{array}{|l|r|l|}
• \hline \text { Accounts Payable } & 12,000 \\
• \hline \text { Consulting Services Revenue } && 12,000 \\
• \hline
• \end{array}\)
• E) \(\begin{array}{|l|r|l|}
• \hline \text { Accounts Receivable } & 12,000 & \\
• \hline \text { Consulting Services Revenue } & & 12,000 \\
• \hline
• \end{array}\)

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Definitions:

Special-Interest Effect

The phenomenon where policy decisions are influenced or shaped by the lobbying efforts of a small, focused group, often at the expense of the general public.

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Organizations that seek to attain and maintain political power within a government, typically by participating in electoral campaigns, educational outreach, or protest actions.

Paired-Choice Majority Votes

A voting system in which options are matched in pairs and voted upon, with the winner of each pair moving on to compete in subsequent rounds.

Marginal Benefits

The incremental value or satisfaction derived from the use of one more unit of a good or service.