Homework Help is Here – Start Your Trial Now!
Business
Accounting
During the month of November, Sophie Company provided consulting services, on account, totaling $20,000. Of that amount, $3,000 was collected in cash on November 30th and the remainder is expected to be collected in December. Which of the following is true regarding the journal entry on November 30th? A DEBIT to Accounts Receivable for $17,000 O A CREDIT to Cash for $3,000 O A CREDIT to Accounts Receivable for $17,000 A DEBIT to Consulting Service Revenue for $3,000

During the month of November, Sophie Company provided consulting services, on account, totaling $20,000. Of that amount, $3,000 was collected in cash on November 30th and the remainder is expected to be collected in December. Which of the following is true regarding the journal entry on November 30th? A DEBIT to Accounts Receivable for $17,000 O A CREDIT to Cash for $3,000 O A CREDIT to Accounts Receivable for $17,000 A DEBIT to Consulting Service Revenue for $3,000

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter3: Processing Accounting Information
Section: Chapter Questions
Problem 3.13MCE: Reconstructing a Beginning Account Balance During the month, services performed for customers on...
See similar textbooks
icon
Related questions
Question

Please answer with reason for all why the option is correct and why the other options are incorrect
Please answer correct otherwise skip it

During the month of November, Sophie Company provided consulting services, on account, totaling $20,000. Of that amount, $3,000 was collected in cash on November 30th and the remainder is expected to be collected in December. Which of the following is true regarding the journal entry on November 30th? A DEBIT to Accounts Receivable for $17,000 O A CREDIT to Cash for $3,000 O A CREDIT to Accounts Receivable for $17,000 A DEBIT to Consulting Service Revenue for $3,000
Transcribed Image Text:During the month of November, Sophie Company provided consulting services, on account, totaling $20,000. Of that amount, $3,000 was collected in cash on November 30th and the remainder is expected to be collected in December. Which of the following is true regarding the journal entry on November 30th? A DEBIT to Accounts Receivable for $17,000 O A CREDIT to Cash for $3,000 O A CREDIT to Accounts Receivable for $17,000 A DEBIT to Consulting Service Revenue for $3,000
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Double entry bookkeeping system
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
SEE MORE TEXTBOOKS