On july 1, cooper corporation received $20,000 from smith industries in exchange for services performed. what accounting entries should cooper make to record this event, and why

It is given that on July 1, Cooper Corporation r eceived $20,000 from Smith Industries in exchange for services performed. The accounting entries that Cooper Corporation should make to record this event is:

Cash $20,000

Service Revenue $20,000

It is because Cooper Corporation received a service made by the

Smith Industries, thus it increased the cash or debited the cash account and there is increase on its income (credit side).