Multiple Choice
On May 1, a business provided legal services to a client and billed the client $3700. The client promised to pay the business in one month. Which journal entry should the business record on May 1?
A) Debit Cash for $3700 and credit Service Revenue for $3700.
B) Debit Cash for $3700 and credit Retained Earnings for $3700.
C) Debit Accounts Receivable for $3700 and credit Service Revenue for $3700.
D) Debit Accounts Payable for $3700 and credit Service Revenue for $3700.
Correct Answer:
Verified
Correct Answer:
Verified
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