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Jefferson, CPAs provides accounting services for a client at a flat contract rate of $10,000 a month. The terms of the contract include a required payment on the 15th day of each month for the prior month's accounting services. Assuming Jefferson, CPAs post journal entries each month end, what is (are) the journal entry (entries) posted on December 31? OA. Cash 10,000 Accounts Receivable 10,000 O B. Cash 10,000 Service Revenue 10,000 C. Acounts Receivable 5,000 Cash 10,000 Service Revenue 15,000 O D. Cash 10,000 Accounts Receivable 10,000 Acounts Receivable 10,000 Service Revenue 10,000

Jefferson, CPAs provides accounting services for a client at a flat contract rate of $10,000 a month. The terms of the contract include a required payment on the 15th day of each month for the prior month's accounting services. Assuming Jefferson, CPAs post journal entries each month end, what is (are) the journal entry (entries) posted on December 31? OA. Cash 10,000 Accounts Receivable 10,000 O B. Cash 10,000 Service Revenue 10,000 C. Acounts Receivable 5,000 Cash 10,000 Service Revenue 15,000 O D. Cash 10,000 Accounts Receivable 10,000 Acounts Receivable 10,000 Service Revenue 10,000

FINANCIAL ACCOUNTING
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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Jefferson, CPAs provides accounting services for a client at a flat contract rate of $10,000 a month. The terms of the contract include a required payment on the 15th day of each month for the prior month's accounting services. Assuming Jefferson, CPAs post journal entries each month end, what is (are) the journal entry (entries) posted on December 31? OA. Cash 10,000 Accounts Receivable 10,000 O B. Cash 10,000 Service Revenue 10,000 C. Acounts Receivable 5,000 Cash 10,000 Service Revenue 15,000 O D. Cash 10,000 Accounts Receivable 10,000 Acounts Receivable 10,000 Service Revenue 10,000
Transcribed Image Text:Jefferson, CPAs provides accounting services for a client at a flat contract rate of $10,000 a month. The terms of the contract include a required payment on the 15th day of each month for the prior month's accounting services. Assuming Jefferson, CPAs post journal entries each month end, what is (are) the journal entry (entries) posted on December 31? OA. Cash 10,000 Accounts Receivable 10,000 O B. Cash 10,000 Service Revenue 10,000 C. Acounts Receivable 5,000 Cash 10,000 Service Revenue 15,000 O D. Cash 10,000 Accounts Receivable 10,000 Acounts Receivable 10,000 Service Revenue 10,000
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