A company receives payment from one of its customers on August 5 for services performed on July 21.
Which of the following entries would be recorded if the company uses accrual basis accounting?
A
Cash
1000
Accounts Receivable
1,000
B
Accounts Payable
1000
Cash
1,000
C
Cash
1000
Service Revenue
1,000
D
Service Revenue
1000
Cash
1,000
Answers: 2
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A company receives payment from one of its customers on August 5 for services performed on July 21....
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