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Nimfa-mama [501]
3 years ago
9

When a company bills a customer for $700 for services rendered, the journal entry to record this transaction will include a $700

debit to services revenue?
Business
1 answer:
ExtremeBDS [4]3 years ago
8 0
When there's a service rendered, the Company will not debit its service revenue, instead Account Receivable if on account or Cash if paid in cash is debited.  Journal entry to record the transaction is as follows: 

If on Account:
Debit: Account Receivable $700.00
Credit: Sales Revenue $700.00
<span>To record revenue for the service rendered 
</span>
If Paid in Cash:
Debit: Cash $700.00
Credit: Sales Revenue $700.00
To record revenue for the service rendered 
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4 years ago
Marvel Company uses a predetermined overhead rate in applying overhead to production orders on a labor-cost basis in Department
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Instructions are listed below

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