If a company provides a service and receives payment at the same time:
A)only one journal entry is needed.
B)Cash will be debited.
C)a revenue account will be increased with a credit.
D)all of the choices are correct.

Question

Quizplus · Accepted Answer

When a company provides a service and receives payment at the same time, a single journal entry is made. Cash is debited, and a revenue account is credited, resulting in an increase in both the cash and revenue accounts. Therefore, option D is the correct choice.

If a Company Provides a Service and Receives Payment at the Same