Help me answer 10-12 7. Services rendered amounted to Php 30,000 of which Php10,000 was received in cash and the remainder on account.This transaction will require a:A. Credit to service revenue for Php 20,000B. Credit to cash for Php 10,000C. Debit to accounts receivable for Php 20,000D. Credit to accounts payable for Php 20,0008. Which of the following statements is incorrect?A. Asset is increased by a debit and decreased by a credit.B. Liability and capital are increased by a credit anddecreased by a debit.C. Expense in increased by a debit and decreased by acredit.D. Income and withdrawal are increased by a credit anddecreased by a debit.

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7. Services rendered amounted to Php 30,000 of which Php 10,000 was received in cash and the remainder on account. This transaction will require a: A. Credit to service revenue for Php 20,000 B. Credit to cash for Php 10,000 C. Debit to accounts receivable for Php 20,000 D. Credit to accounts payable for Php 20,000

7. Services rendered amounted to Php 30,000 of which Php 10,000 was received in cash and the remainder on account. This transaction will require a: A. Credit to service revenue for Php 20,000 B. Credit to cash for Php 10,000 C. Debit to accounts receivable for Php 20,000 D. Credit to accounts payable for Php 20,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...

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