Multiple Choice
Blake Co. provided $5,000 of consulting services to Simmons Co. for which they have not yet received payment. When Blake billed Simmons for the consulting services, Blake mistakenly journalized and posted the transaction as a $5,000 debit to Accounts Receivable and a $5,000 credit to Unearned Consulting Fees. The entry Blake needs to make to correct this error is
A) Debit Unearned Consulting Fees and credit Consulting Fees Earned for $5,000
B) Debit Unearned Consulting Fees and credit Accounts Receivable for $5,000
C) Debit Consulting Fees Earned and credit Accounts Receivable for $5,000
D) Debit Consulting Fees Earned and credit Unearned Consulting Fees for $5,000
Correct Answer:
Verified
Correct Answer:
Verified
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