Multiple Choice
A company performed tax services for a client on account.The amount billed to the client was $7,000.How does this transaction affect the accounting equation?
A) Add $7,000 to Cash and add $7,000 to Service Revenue.
B) Add $7,000 to Cash and add $7,000 to Retained Earnings.
C) Add $7,000 to Accounts Receivable and add $7,000 to Retained Earnings.
D) Add $7,000 to Accounts Payable and add $7,000 to Service Revenue.
Correct Answer:

Verified
Correct Answer:
Verified
Q51: If the trial balance does not balance,several
Q52: Transaction analysis and the accounting equation have
Q53: When posting a journal entry to the
Q54: Jenkins Company began business in June when
Q55: The entry to record the purchase of
Q57: Which transaction decreases stockholders' equity?<br>A)sale of common
Q58: On March 31,Baker Company received a bill
Q59: A company omitted a journal entry to
Q60: An account with a normal debit balance
Q61: List and briefly discuss the three major