Gce Model Questions Vol1 2017 Financial Accounting Question 10

Practice objective / multiple choice question 10 from the 2017 Gce Model Questions Vol1 Financial Accounting examination.

Gce Model Questions Vol1 2017 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 10 GCE_MODEL_QUESTIONS_VOL1 • 2017 • FINANCIAL_ACCOUNTING • objective

A company receives \(£2{,}500\) from a customer for services that will be performed next month. How should this transaction be recorded in the journal?

Answer Options

A. Debit Unearned Revenue £2,500; Credit Bank £2,500
B. Debit Accounts Receivable £2,500; Credit Unearned Revenue £2,500
C. Debit Bank £2,500; Credit Service Revenue £2,500
Correct Answer D. Debit Bank £2,500; Credit Unearned Revenue £2,500
Correct Answer
D
Correct Option:
Debit Bank £2,500; Credit Unearned Revenue £2,500

About This Question

This is Gce Model Questions Vol1 2017 Financial Accounting Question 10. It is one of the objective questions from the 2017 Gce Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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