Question: Spruce Tree Inc. billed its client $2,000 for services performed. Which of the following journal entries is recorded correctly? O DR: Service Revenue $2,000;

Spruce Tree Inc. billed its client $2,000 for services performed. Which of

Spruce Tree Inc. billed its client $2,000 for services performed. Which of the following journal entries is recorded correctly? O DR: Service Revenue $2,000; CR: Accounts Receivable $2,000 VO DR: Cash $2,000; CR: Service Revenue $2,000 O DR: Accounts Receivable $2,000; CR: Unearned Revenue $2,000 O DR: Accounts Receivable $2,000; CR: Service Revenue $2,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $19,413 Direct labor 29,414 Factory overhead 34,517 Work in process inventory, March...

Spruce Tree Inc. billed its client $2,000 for services performed. Which of the following journal entries is recorded correctly? Group of answer choices DR: Accounts Receivable $2,000; CR: Service...

1. In recording accounting transactions, evidence that a transaction has taken place is obtained from: a. Source documents. b. The trial balance. c. The ledger. d. The journal. 2. Which of the...

ALL 20 questions are compulsory and MUST be attempted State your reasons for choosing your answer, example: 1. Answer A, accounting involves recording of all financial transactions. Each question is...

On July 7, Swifty Industries purchased supplies of $2200 for cash. The entry to record the purchase will include a debit to Supplies and a credit to Cash. a debit to Accounts Receivable and a credit...

Argonaut has to account for the acquisition of 100% of the shares of Moe's Lawn Care Limited (MLC) in Argonaut's June 30, 20X9, financial statements, even though MLC's numbers might be subject to...

I am Lee, Broome, MacBay, and Luttrell, CPA's potential client, and I need your assistance with two tasks related to accounting for investments that I am working on. I am the CFO of Mimi Corporation,...

I need to find out if I'm on the right track with this assignment and and explanation on what vertical and horizontal analysis are. I don't understand some of the questions and have marked them in...

On September 1, 20X1, the account balances of Rand Equipment Repair, Inc. were as follows.No.DebitsNo.Credits101Cash14,780152Accumulated Depreciation1,500111Accounts Receivable3,320201Accounts...

Please calculate Debt to Equity Ratio for 20X1 and 20X2: Assets 20X1 20X2 Cash 49,902 62,304 Marketable Securities 31,188 16,488 Prepaid Expenses 12,474 11,622 Accounts Receivable 48,315 19,854...

Cubic parabola derives the formula for the normal equations of a cubic least squares parabola.

f(x) = 4x ^ 2 + 6x - 8 where x = m Find the smallest value of m for which f has an inverse.

Designer Suits Rental has been in business for four years. Because the company has recently had a cash flow problem, management wonders whether there is a problem with receivables or inventories....

Partial comparative balance sheet and income statement information for Posad Company follows. In 2012, the year-end balances for Accounts Receivable and Inventory were $32,400 and $51,200,...

Wilma Companys T account for long-term available-for-sale investments at the end of 2014 follows. In addition, Wilmas income statement shows a loss on the sale of investments of $13,000. Compute the...

Analyze each transaction listed in the table that follows and place X's is the appropriate columns to indicate the transaction's classification and its effect on cash flows using the indirectmethod....

Analyze each transaction listed in the table that follows and place X's in the appropriate columns to indicate the transaction's classification and its effect on cash flows using the indirectmethod....

Create a 200 word summary on the Juvenile Justice System than and today. Describe The Juvenile system and provide a generalizable definition. Highlight the issues in the Juvenile system and why this...

How should the Trust address them?

Adopting a systemic view of the management development problem, what do you see as the main issues to be explored in relation to the development of Process Managers?

To survive in an organisation today, a manager must become a political animal. What are your views with regard to this statement?