When a Company Bills a Customer for $700 for Services

question 247

True/False

When a company bills a customer for $700 for services performed,the journal entry to record this transaction will include a $700 debit to Services Revenue.

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Definitions:

Net Cash Flow

The difference between a company's cash inflows and outflows in a given period.

Tax Rate

The percentage at which income or financial transactions are taxed by a government.

Cash Inflows

Money received by a business from its various activities, like sale of goods, services, or obtaining a loan.

Cash Outflows

The movement of money out of a business as expenditures, payments, or investments, which reduce the company's cash balance.