ANSWER :
Cash Dr. 500
Service Revenue 500
Explanation :
Cash is received from the customer so cash account is debited and it is for rendering service which is a revenue item hence service revenue account is credited.
Option#2 is the entry for sales return, Hence incorrect
Option#3 Since the cash is received same day, no need to open an accounts receivable. Hence incorrect
Option #4 Entry for payment of Dividend. Hence incorrect
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AprilApril
transactions in the journal. Include an explanation for each
entry. (Record debits first, then credits. Select the explanations
on the last line of the journal entry table. Check your spelling
carefully and do not abbreviate. When applicable, use only the
account names provided in the trial balance.)
Apr.Apr.
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