Kincaid Company provided consulting services of $2,500 to a customer who paid $1,300 and promised to pay the remainder next month. Which of the following journal entries correctly records this transaction?

A).

Cash	1,300
Accounts Payable	1,200
Consulting Revenue		2,500

B).

Cash	1,300
Accounts Receivable	1,200
Consulting Revenue		2,500

C).

Cash	1,300
Consulting Revenue		1,300

D).

Consulting Revenue	2,500
Cash		1,300
Accounts Receivable		1,200

Answer rating: 100% (QA)

Answer B Explanation The cash receipt of 1300 increases cash The cash account is debi... View the full answer