Thomas' Dry Wall completed work on a house. Thomas received $3,500 when he finished the job and will receive the balance of $1,500 in 30 days. The correct journal entry to record this event is

debit Cash $3,500 and credit Service Revenue $3,500.
debit Accounts Receivable $5,000 and credit Cash $3,500 and Service Revenue $1,500.
debit Cash $3,500 and credit Accounts Receivable $1,500 and Service Revenue $5,000.
debit Cash $3,500 and Accounts Receivable $1,500 and credit Service Revenue $5,000.

Answer rating: 100% (QA)

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