Question

Multiple Select Question On Sept 9. Daniel Corporation earns $7.000 by performing consulting services. Their customer said that she would pay next month. Daniels Corporation journalized the transaction as follows, but something is wrong with the journal entry. Use your knowledge of what a correct journal entry should look like to identify everything that is wrong (Check all that apply) Date Accounts PRDebit Credit Sept 9 Consulting revenue 2.000 Accounts payable 2000 (Performed Consulting Services on Account) Accounts payable should be listed first The Consulting revenue account should be indented, as it is credited Dollar signs should be included in the Debit and Credit columns Accounts payable is not involved in this transaction Consulting revenue should be listed below the debited account as it is credited The correct account that should be debited is the Accounts receivable account

Answer 1

Correct answers are as follows.

The consulting revenue account should be intended as it is credited.

Dollar signs should be included in the debit and credit columns.

Consulting revenue should be listed below the debited account as it is credited.

The correct account that should be debited is the accounts receivable account.

.

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Explanation

The accounts receivable will be debited for $2000 and consulting revenue will be credited for $2000 for the correct entry. There is no requirement for accounts payable account since there is nothing to be paid for.