Use the information below to answer the following questions:
A consultant performs accounting services for a client on 30 June 2012 and bills the client $350, to be paid within 60 days. Payment is duly made on 29 August 2012. Accrual accounting is used by both parties.
-What is the journal entry made by the consultant on 29 August 2012?
A) DR Cash CR Accounts receivable
B) DR Cash CR Service revenue
C) DR Accounts receivable CR Cash
D) DR Service revenue CR Accounts receivable
Correct Answer:
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