If a company provides a service and receives payment at the same time:
A) more than one journal entry is needed.
B) Cash will be credited.
C) a revenue account will be increased with a debit.
D) stockholders' equity will increase.

Question

Quizplus · Accepted Answer

When a company provides a service and receives payment, revenue is recognized, which increases stockholders' equity.

If a Company Provides a Service and Receives Payment at the Same