Author Question: On May 3, Doe, Inc. performed 2,000 of services for a client on account. On May 27, Doe, Inc. ... (Read 72 times)

jrubin · **on:** Jul 5, 2018

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