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Russell company collected cash of $780 immediately after providing consulting services to a client. which of the following general journal entries will russell company make to record this transaction?A)Account Title Debit CreditAccounts Receivable 400 Cash 400B)Account Title Debit CreditCash 400 Consulting Revenue 400C)Account Title Debit CreditCash 400 Accounts Receivable 400D)Account Title Debit CreditUnearned Revenue 400 Cash 400E)No journal entry is required.
Russell company collected cash of $780 immediately after providing consulting services to a client. which of the following general journal entries will russell company make to record this transaction?A)Account Title Debit CreditAccounts Receivable 400 Cash 400B)Account Title Debit CreditCash 400 Consulting Revenue 400C)Account Title Debit CreditCash 400 Accounts Receivable 400D)Account Title Debit CreditUnearned Revenue 400 Cash 400E)No journal entry is required.
According to the given question, the correct answer is option B, which is cash 400 and consultingrevenue400.The correct general journal entry for Russell Company to record the transaction of collecting the cash of $780 immediately after providingconsultingservicesto a client is option B: Cash 400 and Consulting Revenue 400. This is because when a company provides a service and receives payment immediately, it is consideredrevenueearned.Hence, the cash account is debited for the amount received, and the consulting revenue account is credited for the amount earned. Option A is incorrect because it assumes that the company had initially recorded the consulting services as anaccountreceivable, which is not the case as the payment was received immediately. Option C is incorrect because it assumes that the company had initially recorded the consulting services as revenue in accounts receivable, which is not the case. Option D is incorrect becauseunearnedrevenueis aliabilityaccount and is used when a company receives payment in advance for services it has not yet provided. Finally, option E is incorrect because a journal entry is required to record the transaction.Russell Company collected cash of $780 immediately after providing consulting services to a client. To record this transaction, the correct generaljournalentry is:Account Title Debit CreditCash 780Consulting Revenue 780However, the options provided do not exactly match this entry. The closest option is B, but it has the incorrect amounts:B) Account Title Debit CreditCash 400Consulting Revenue 400To make the correct journal entry, adjust option B to match the transaction amount:Account Title Debit CreditCash 780Consulting Revenue 780This journal entry shows that thecash accountis debited for $780 and the consulting revenue account is credited for the same amount, reflecting the immediatecashcollection after providing services.To know more aboutrevenuevisit :brainly.com/question/31683012#SPJ11...