Selected transactions from the journal of Roberta Mendez, investment broker, are
ID: 2371265 • Letter: S
Question
Selected transactions from the journal of Roberta Mendez, investment broker, are presented below.Date Account Titles and Explanation Ref. Debit Credit Aug.1 Cash 5,000 Common Stock 5,000 (Investment of cash for stock) 10 Cash 2,700 Service Revenue 2,700 (Received cash for services provided) 12 Equipment 5,000 Cash 1,000 Notes Payable 4,000 (Purchased office equipment for cash and notes payable) 25 Accounts Receivable 1,600 Service Revenue 1,600 (Billed clients for services provided) 31 Cash 850 Accounts Receivable 850 (Receipt of cash on account)
Selected transactions from the journal of Roberta Mendez, investment broker, are presented below.
Date Account Titles and Explanation Ref. Debit Credit Aug.1 Cash 5,000 Common Stock 5,000 (Investment of cash for stock) 10 Cash 2,700 Service Revenue 2,700 (Received cash for services provided) 12 Equipment 5,000 Cash 1,000 Notes Payable 4,000 (Purchased office equipment for cash and notes payable) 25 Accounts Receivable 1,600 Service Revenue 1,600 (Billed clients for services provided) 31 Cash 850 Accounts Receivable 850 (Receipt of cash on account) Date Account Titles and Explanation Ref. Debit Credit Aug.1 5,000 Common Stock 5,000 (Investment of cash for stock) 10 Cash 2,700 Service Revenue 2,700 (Received cash for services provided) 12 Equipment 5,000 Cash 1,000 Notes Payable 4,000 (Purchased office equipment for cash and notes payable) 25 Accounts Receivable 1,600 Service Revenue 1,600 (Billed clients for services provided) 31 Cash 850 Accounts Receivable 850 (Receipt of cash on account) Post the transactions to T accounts. Selected transactions from the journal of Roberta Mendez, investment broker, are presented below.
Date Account Titles and Explanation Ref. Debit Credit Aug.1 Cash 5,000 Common Stock 5,000 (Investment of cash for stock) 10 Cash 2,700 Service Revenue 2,700 (Received cash for services provided) 12 Equipment 5,000 Cash 1,000 Notes Payable 4,000 (Purchased office equipment for cash and notes payable) 25 Accounts Receivable 1,600 Service Revenue 1,600 (Billed clients for services provided) 31 Cash 850 Accounts Receivable 850 (Receipt of cash on account)
Explanation / Answer
1- Post to ledger account.
Cash
Debit
Credit
3000
1000
2400
900
final
5300
Total
6300
6300
Capital
Debit
Credit
Total
3000
service revenue
Debit
Credit
2400
1600
Total
4000
Office Equipment
Debit
Credit
Total
5000
Notes payable
Debit
Credit
Total
4000
Accounts receivable
Debit
Credit
1600
900
final
700
Total
1600
1600
2- Prepare a trial balance on August 31,2005.
Account
Debit
Credit
Cash
5300
Capital
3000
service revenue
4000
Office Equipment
5000
Notes payable
4000
Accounts receivable
700
Total
11.000
11.000
Debit
Credit
3000
1000
2400
900
final
5300
Total
6300
6300
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