What would explain this entry: debit to Cash and credit to Consulting Fees? A company sells a

Fantastic news! We've Found the answer you've been seeking!

Question:

What would explain this entry: debit to Cash and credit to Consulting Fees?

A company sells a product for cash

A company initially provides consulting services on account and subsequently collects the cash for those services

A company provided services and was paid cash upon providing those services

A company utilizes a consultant and pays cash for those services

Related Book For answer-question

Financial Accounting

ISBN: 978-0078111020

7th Edition

Authors: LibbyShort

See More Books

Posted Date: Oct 19, 2023 06:10 AM

See More Questions

Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
The following accounting items were found in the journal of Crosse Company: 1. The payment of the current month's rent for $500 was recorded as a debit to Rent Payable and a credit to Cash, both for...
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
On July 31, 2014, Amsterdam Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction was begun immediately and was completed on November 1, 2014....
A designer has to select a metal-belt drive to transmit a power of Hnom under circumstances where a service factor of Ks and a design factor of nd are appropriate. The design goal becomes Hd = Hnom...
The Blair Museum Association, a nonprofit organization, had the following transactions for the year ended December 31, 2017. 1. Cash contributions to the Association for the year included (A)...
Fine Furniture Ltd had a balance in its Work in Process Inventory account on 1 October 2025 of $27 200 made up of two jobs: Job 730, $12 800; and Job 731, $14 400. At the end of October, costs...
Earnhart Manufacturing Company allows employees to purchase, at cost, manufacturing materials, such as metal and lumber, for personal use. To purchase materials for personal use, an employee must...
Provide an analysis of the impact of costs for an organization, to include the following: Describe an example of a sunk cost or opportunity cost from your current or past professional career,...
Jones Contractors Inc. agreed to construct a building for 5300,000. Construction commenced in 2011 and was completed in 2013. Data relating to the contract are summarized below: Required: a. For each...
Sweet Tooth Candy Company sells candy boxes for local fundraisinggroups. Here are the actual and budgeted results for a local fundraiser: Sweet Tooth Candy Company Data Actual number of boxes sold...
Assuming 2021 Rent, and extrapolating to 2,000 employees, 209.25 density, and $31 Cost: How much does the current North American office cost annually in total?
You are in the final year of your apprenticeship, working in a material testing laboratory. Your line manager has asked you to put together a booklet explaining materials, and their properties to the...
The shareholders of the Mango Company need to elect 10 new directors. There are 950,000 shares outstanding currently trading at $70 per share. You would like to serve on the board of directors;...
Tiger Golf Accessories sells golf shoes, gloves, and a laser-guided range-finder that measures distance. Shown below are unit cost and sales data. Sales mix is determined based upon total units sold....
Company: Red Robin Gourmet Burgers Reference: https://www.sec.gov/cgi-bin/viewer?action=view&cik=1171759&accession_number=0001171759-23-000015&xbrl_type=v Read the reference of Red Robin Gourmet...
Ideal Gas Law and Internal Energy Pressure vs. Volume Graph Ranking Task:Rank the states on the basis of the average kinetic energy of the atoms in the gas sample at each state.Rank from largest to...
Express mass density in kg/m3 and weight density in lb/ft3. 1. Find the mass density of a chunk of rock of mass 215 g that displaces a volume of 75.0 cm3 of water. 2. A block of wood is 55.9 in. x...
On March 1, 2011, Lightning Technology purchased 8,000 shares of Computing Services Company for $17 per share. The following information applies to the stock price of Computing Services: Price...
Supplement B Recording Sales and Purchases with Cash Discounts Bretts Cycles sells merchandise on credit terms of 2/15, n/30. A sale invoiced at $900 (cost of sales $600) was made to Shannon Allen on...
Super Savers Department Store reported a quick ratio of 0.6. A review of its balance sheet revealed the following information: Quick assets ..... $120,000 Current assets .... 750,000 Noncurrent...
Compare and contrast licensure and credentialing.
Compare and contrast the different inventory management techniques and discuss how each technique might play a role within different health care organizations.
Distinguish between core privileges and specific privileges in physician credentialing.

What would explain this entry: debit to Cash and credit to Consulting Fees? A company sells a

Question:

Expert Answer:

The detailed answer for the above question is provided below The entry debit to Cash ... View the full answer

Financial Accounting

Students also viewed these accounting questions