The following transactions for the month of March have been journalized and posted to the proper accounts. Mar. 1 Martinez invested $9,000 cash in his new design services business.
Mar. 2 Paid the first month's rent of $800.
Mar. 3 Purchased equipment by paying $3,000 cash and executing a note payable for $5,000.
Mar. 4 Purchased Office Supplies for $750 cash.
Mar. 5 Billed a client for $10,000 of design services completed.
Mar. 6 Received $8,000 on account for the services previously recorded.
What is the balance in Accounts Receivable?
A)$8,000
B)$2,000
C)$5,000
D)$10,000

Question

Quizplus · Accepted Answer

The balance in Accounts Receivable is $2,000. Initially, $10,000 was billed to a client, and then $8,000 was received on account, leaving a balance of $2,000.

The Following Transactions for the Month of March Have Been