Practice Brief Exercise 1 Selected transactions for the Nikolai Company are ente

Question

Practice Brief Exercise 1 Selected transactions for the Nikolai Company are ented in journal form below Account Titles and Explanation Ref. Debit Credit Date May 5 . Accounts Receivable Service Revenue 5,450 5,450 (Billed for services performed) 12 Cash 1,800 Accounts Receivable 1,800 (Received cash in payment of account) 15 Cash 3,210 Service Revenue 3,210 (Received cash for services performed) Post the transactions to T-accounts. Make one T-account for each item and determine each accour Cash Accounts Receivable

Explanation / Answer

Cash May, 12 To Account Receivable $                   1,800 May, 15 To Service Revenue $                   3,210 Total $                   5,010 # Total $                        -   Ending Balance $                   5,010 Account Receivable May, 05 To Service Revenue $                   5,450 May, 12 'By Cash $                 1,800 Total $                   5,450 # Total $                 1,800 Ending Balance $                   3,650 Service Revenue May , 05 By Accounnt Receivable $                 5,450 May, 15 'By Cash $                 3,210 Ending balance $                 8,660

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