
Concept explainers
On January 24, 20Y8, Niche Consulting collected
$5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis?
A. Increase Cash, $5,700; decrease Fees Earned, $5,700
B. Increase
C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700
D. Increase Cash, $5,700; increase Fees Earned, $5,700

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Survey of Accounting (Accounting I)
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