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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Help me answer 10-12
![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
8. 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 and
decreased by a debit.
C. Expense in increased by a debit and decreased by a
credit.
D. Income and withdrawal are increased by a credit and
decreased by a debit.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F81867538-b75f-43bc-886b-a8b046866186%2Fb0995f4b-043d-4826-a13d-c1bd786b7584%2Ftgygqem_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
8. 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 and
decreased by a debit.
C. Expense in increased by a debit and decreased by a
credit.
D. Income and withdrawal are increased by a credit and
decreased by a debit.
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