Company D collects cash from a customer who purchased consulting services on account 3 weeks ago....

Question

Question

Company D collects cash from a customer who purchased consulting services on account 3 weeks ago....

Company D collects cash from a customer who purchased consulting services on account 3 weeks ago.

Which account would Company D decrease?

Group of answer choices

a. Accounts Payable

b. Accounts Receivable

c. Cash

d. Revenue

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

As the cash is collected, cash is increased and accounts receiveble is decreased.

The answer is Option b.

Add a comment

Answer 2

Similar Homework Help Questions

Company D collects cash from a customer who purchased consulting services on account 3 weeks ago....

Company D collects cash from a customer who purchased consulting services on account 3 weeks ago. Which account would Company D increase? A. Cash B. Accounts Payable C. Accounts Receivable D. Revenue
Kincaid Company provided consulting services of $2.500 to a customer who paid $1,300 and promised to...

Kincaid Company provided consulting services of $2.500 to a customer who paid $1,300 and promised to pay the remainder next month. Which of the following journal entries correctly records this transaction? Cash Accounts receivable Consulting revenue 1,300 1,200 2,500 Cash Accounts payable Consulting revenue 1,300 1. 2001 2,500 1.300 Cash Consulting revenue 1,300 1,300 1,300 Consulting revenue Cash Accounts receivable 1,300 1,200 Kincaid Company provided consulting services of $2.500 to a customer who paid $1,300 and promised to pay the...
13) When a company receives a prepayment from a customer and provides services to the customer...

13) When a company receives a prepayment from a customer and provides services to the customer 4 months later, what is the effect on the company’s accounting equation when the company provides the services? Group of answer choices Assets decrease and stockholders’ equity decreases Assets decrease and liabilities decrease Assets increase and stockholders' equity increases Liabilities decrease and stockholders' equity increases 14) Donaldson Corp wanted to expand the size of its manufacturing plant in order to generate more profits. The...

Mirna, Inc. receives $45,000 from a customer who was billed in the prior month when the...

Mirna, Inc. receives $45,000 from a customer who was billed in the prior month when the services were performed. Which journal entry should Mirna, Inc. record? Group of answer choices a. DR: Accounts Receivable 45,000; CR: Cash 45,000 b. DR: Cash 45,000; CR: Accounts Receivable 45,000 c. DR: Accounts Receivable 45,000; CR: Revenue 45,000 d. DR: Asset 45,000; CR: Equity 45,000
Transaction Summary Sold on account $1500 of consulting services Purchased supplies on account from a vendor...

Transaction Summary Sold on account $1500 of consulting services Purchased supplies on account from a vendor for $800 Bought equipment for $10,000 using a note payable Sold for cash $5000 of consulting services Paid rent expense of $500 Paid salaries expense of $400 Received cash from customer in (a.) of $500 Paid to vendor in (b.) the amount of $400 One of our best customers paid us a retainer in cash in the amount for $2000 for future services to...
Multiple Select Question On Sept 9. Daniel Corporation earns $7.000 by performing consulting services. Their customer...

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...

A company collects cash from a customer to settle an account receivable. What effect does this...

A company collects cash from a customer to settle an account receivable. What effect does this transaction have on the company's total assets and total shareholders' equity? No effect Increase No effect No effect Increase Increase
A customer purchased a drill press on November 14 on account from Sears. The drill press...

A customer purchased a drill press on November 14 on account from Sears. The drill press was delivered two weeks later. The customer paid for the drill press on December 5. When should Sears record the revenue for this transaction according to the revenue recognition principle? Group of answer choices: a. November b. December c. One-third in November and two-thirds in December. d. Evenly in each of the two months.
Question 43 4 pts Received $12,000 cash from a customer for services to be provided in...

Question 43 4 pts Received $12,000 cash from a customer for services to be provided in the future. Account Name Debit Credit A. Cash 12,000 Accounts Receivable 12.000 B. Accounts Receivable 12.000 Cash 12,000 C. Cash 12,000 Unearned Revenue 12,000 12,000 D. Unearned Revenue Cash 12,000 Answer A O Answer B O Answer O Answer D None of the answers are correct. Question 44 4 pts Provided $7.000 worth of the services referred to in transaction Q43. Account Name Debit...

43 45 Received $12,000 cash from a customer for services to be provided in the future....

43 45 Received $12,000 cash from a customer for services to be provided in the future. Account Name Debit Credit A. Cash 12,000 Accounts Receivable 12,000 B. Accounts Receivable 12,000 Cash 12,000 C. Cash 12,000 Unearned Revenue 12.000 D. Unearned Revenue 12,000 Cash 12,000 OB 44 45 Provided $7,000 worth of the services referred to in transaction Q43. Account Name Debit Credit A. Cash 7,000 Accounts Receivable 7,000 B. Accounts Receivable 7,000 Service Revenue 7,000 C. Cash 7,000 Service Revenue...

Company D collects cash from a customer who purchased consulting services on account 3 weeks ago....

Homework Answers