Select the Entry That Correctly Records the Receipt by Speedy

question 38

Multiple Choice

Select the entry that correctly records the receipt by Speedy Window Cleaning of $900 in cash for window cleaning services provided. Ignore GST.

• A) DR bank $900; CR income earned $900
• B) DR income earned $900; CR bank $900
• C) DR bank $900; CR debtors $900
• D) DR equity $900; CR income earned $900

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Definitions:

Honda Valkyrie Rune

A specific model of a large, luxury cruiser motorcycle produced by Honda, known for its unique design and powerful engine.

Optimal Consumption Rule

The principle that consumers maximize their utility when the ratio of the marginal utility to the price of goods is equal across all goods.

Maximizing Utility

The process by which individuals allocate their resources to obtain the highest possible level of satisfaction.

Income

The amount of money received by an individual or entity in exchange for labor, services, or investment within a specific period.