Web Consulting received $3,000 from a customer for services provided.The general journal entry to record this transaction will be:
A)Debit Services Revenue,credit Accounts Receivable.
B)Debit Cash,credit Accounts Payable.
C)Debit Cash,credit Accounts Receivable.
D)Debit Cash,credit Services Revenue.
E)Debit Accounts Payable,credit Services Revenue.

Question

Quizplus · Accepted Answer

When a company receives cash from a customer for services provided, it increases its Cash account (an asset) and increases its Services Revenue account (an income statement account). Therefore, the company should debit Cash to increase it and credit Services Revenue to record the income.

Web Consulting Received $3,000 from a Customer for Services Provided