The company performs consulting services for a client for an agreed upon fee of $100,000. The company completes the services, and sends the client a bill for $100,000. Provide the journal entry that would be necessary to record the transaction.

The company performs consulting services for a client for an agreed upon fee of $100,000. The company completes the services, and sends the client a bill for $100,000. Provide the journal entry that would be necessary to record the transaction.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The company performs consulting services for a client for an agreed upon fee of $100,000. The company

completes the services, and sends the client a bill for $100,000.

Provide the journal entry that would be necessary to record the transaction.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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