the company rendered services on account, what is the entry? O debit cash, credit service revenue debit accounts receivable, credit service revenue O debit service revenue, credit cash debit service revenue, credit account receivable O O

the company rendered services on account, what is the entry? O debit cash, credit service revenue debit accounts receivable, credit service revenue O debit service revenue, credit cash debit service revenue, credit account receivable O O

Name: the company rendered services onaccount, what is the entry?O debit ca
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Description: the company rendered services onaccount, what is the entry?O debit cash, credit service revenuedebit accounts receivable, creditservice revenuedebit service revenue, credit cashdebit service revenue, credit account:receivable

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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the company rendered services on
account, what is the entry?
O debit cash, credit service revenue
debit accounts receivable, credit
service revenue
debit service revenue, credit cash
debit service revenue, credit account:
receivable

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