On May 3, Doe, Inc. performed 2,000 of services for a client on ...

[jrubin]

On May 3, Doe, Inc. performed 2,000 of services for a client on account. On May 27, Doe, Inc. received 500 of the amount owed. The remaining balance will be collected on June 2. The May 27 journal entry will include a ________.
 
  A) credit to Revenue of 500
  B) credit to Accounts receivable of 500
  C) credit to Revenue of 2,000
  D) credit to Accounts payable of 500

Question 2

The abbreviation FOB stands for free on board.
 a. True
  b. False
 
   Indicate whether the statement is true or false

[makaylafy]

Answer to Question 1

B

Answer to Question 2

True

[jrubin]

Excellent

[bdobbins]

TYSM