Gi Gi's Dance Studio provided $150 of dance instruction and rented out its dance studio to the same client for another $100.The client paid immediately.Identify the general journal entry below that Gi Gi's will make to record the transaction.

Question

Quizplus · Accepted Answer

The journal entry should record the revenue earned from dance instruction and rental of the studio. The accounts affected are Cash, Dance Instruction Revenue, and Studio Rental Revenue. Choice C correctly lists these accounts and shows the debit to Cash and credit to the two revenue accounts, which increases Gi Gi's Dance Studio's assets and equity.

Gi Gi's Dance Studio Provided $150 of Dance Instruction and Rented