On May 1,Legal Services LLC collected $5,000 for legal services that had been provided on account.How would the company record this transaction?
A) Debit Accounts Receivable for $5,000 and Credit Legal Services Revenue for $5,000.
B) Debit Cash for $5,000 and Credit Legal Services Revenue for $5,000.
C) Debit Cash for $5,000 and Credit Accounts Receivable for $5,000.
D) Debit Accounts Receivable for $5,000 and Debit Legal Services Revenue for $5,000
E) Credit Cash for $5,000 and Debit Accounts Receivable for $5,000.
Correct Answer:
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