eliza247
Answered

Welcome to Westonci.ca, where your questions are met with accurate answers from a community of experts and enthusiasts. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.

a service was performed for a client with payment due in 30 days what accounts are affected

a) debit Capital, Credit bank
b) debit accounts receivable, credit capital
c) debit Bank, credit accounts receivable
d) credit accounts payable, debit capital ​

Sagot :

Samawati

Answer:

b) debit accounts receivable, credit capital

Explanation:

Performing service is part of normal business activities. It generates revenue for the business.

Once a service has been performed, revenue increases. Revenue is an equity account (it increases the owner's equity). An increase to an equity account is recorded by crediting the account.

The payment will be received in 30 days. This is an increase in accounts receivables ( asset account). An increase in assets is recorded as a debit.

Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.