Perform the following accounting for the receivables of Bronson and Moore, a law
ID: 2569305 • Letter: P
Question
Perform the following accounting for the receivables of Bronson and Moore, a law firm, at December 31, 2016 Read the requirements Requirements 1 and 2. Start with the beginning balances for these T-accounts: Cash, $27,000, Accounts Receivable, $98,000, Service Revenue, S0. Post the following 2016 transactions to the T-accounts: a. Service revenue of $703,000, all on account b. Collections on account, $720,000 What are the ending balances of Cash, Accounts Receivable and Service Revenue? Prepare the T-accounts for Cash, Accounts Receivable and Service Revenue Abbreviations used Beg bal Beginning balance, End bal Ending balance, Uncoll acct exp Uncollectible Account Expense. Enter a "0 for any zero balances) Choose from any list or enter any number in the input fields and then continue to the next question Previous Next wExplanation / Answer
T- Account Ledger
Cash
Particulars
Amount
Particulars
Amount
To, Balance b/f
$27,000
To, Accounts Receivable
$720,000
By, Balance c/f
$747,000
Total
$747,000
Total
$747,000
Accounts Receivable
Particulars
Amount
Particulars
Amount
To, Balance b/f
$98,000
By, Cash
$720,000
To, Service Revenue
$703,000
By, Balance c/f
$81,000
Total
$801,000
Total
$801,000
Service Revenue
Particulars
Amount
Particulars
Amount
By, Accounts Receivable
$703,000
To, Balance c/f
$703,000
Total
$703,000
Total
$703,000
Ending Balance
For Cash
Beg Bal
$27,000
Add: Cash Collected
$720,000
End Bal
$747,000
For Accounts Receivable
Beg Bal
$98,000
Add: Service provided
$703,000
Less: Cash Collected
$720,000
End Bal
$81,000
For Service Revenue
Beg Bal
$0
Add: Service provided
$703,000
End Bal
$703,000
T- Account Ledger
Cash
Particulars
Amount
Particulars
Amount
To, Balance b/f
$27,000
To, Accounts Receivable
$720,000
By, Balance c/f
$747,000
Total
$747,000
Total
$747,000
Accounts Receivable
Particulars
Amount
Particulars
Amount
To, Balance b/f
$98,000
By, Cash
$720,000
To, Service Revenue
$703,000
By, Balance c/f
$81,000
Total
$801,000
Total
$801,000
Service Revenue
Particulars
Amount
Particulars
Amount
By, Accounts Receivable
$703,000
To, Balance c/f
$703,000
Total
$703,000
Total
$703,000
Ending Balance
For Cash
Beg Bal
$27,000
Add: Cash Collected
$720,000
End Bal
$747,000
For Accounts Receivable
Beg Bal
$98,000
Add: Service provided
$703,000
Less: Cash Collected
$720,000
End Bal
$81,000
For Service Revenue
Beg Bal
$0
Add: Service provided
$703,000
End Bal
$703,000
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