Real estate asset manager performs services for customers and bills the customers. Provide the journal entry for

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Real estate asset manager performs services for customers and bills the customers. Provide the journal entry for these transactions.

Accounts receivable increase by $5,000; revenues increase by $5,000

Cash increases by $5,000; revenues increase by $5,000.

c. Cash increases by $5,000; accrued liability increases by $5,000.

d. Cash decrease by $5,000; Prepaid Expenses increase by $5,000.

After several months of planning, Denise Murphy started a property management business for the for properties that its owners invest in called ABC Property Management (“ABC”). The following events occurred during its first month:

On May 1, Murphy started the firm, investing $3,000 cash and $15,000 of equipment.

On May 2, ABC paid $600 cash for furniture for the shop.
On May 3, ABC paid $500 cash to rent space in a strip mall for May.
On May 4, ABC purchased $1,200 of equipment on credit for the shop (using a long-term note payable).
On May 5, ABC opened for business. Cash received from services provided in the first week and a half of business (ended May 15) is $825.
On May 15, it provided $100 of property management services on account (invoiced).
On May 17, it received a $100 check for services previously rendered on account.
On May 17, it paid $125 to an assistant for work during the store opening.
Cash received from services provided during the second half of May is $930.
On May 31, it paid an $400 installment toward principal on the note payable entered into on May 4.
On May 31, it paid $900 cash dividends to Murphy.