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QUESTION 16 The entry of the Lawrence Marcel School of Music to record the July 18th...


QUESTION 16 The entry of the Lawrence Marcel School of Music to record the July 18th action, provided services that total $7,500 Collected $2,500 and billed the customer for the remainder includes O A a debit to Accounts Receivable for 7.500 B. a credit to Accounts Recievable for 2,500 c, a debit to Cash fopr 5.000 D. a credit to Music Fees Earned for 7,500
QUESTION 16 The entry of the Lawrence Marcel School of Music to record the July 18th action, provided services that total $7,500 Collected $2,500 and billed the customer for the remainder includes O A a debit to Accounts Receivable for 7.500 B. a credit to Accounts Recievable for 2,500 c, a debit to Cash fopr 5.000 D. a credit to Music Fees Earned for 7,500
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Answer #1

The correct answer is D

The correct journal entry in this case would be :

Debit. Credit

Cash 2500

Accounts receivable 5000

Music fees earned 7500

(Being fees income earned recorded)

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