E12-2 Understanding the Computation of Cash Flows from Operating Activities (Ind

Question

E12-2 Understanding the Computation of Cash Flows from Operating Activities (Indirect Method) [LO 12-2] Suppose your company sells services of $240 in exchange for $140 cash and $100 on account. Required: 1. Prepare the journal entry to record this transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the service revenue of $140 for cash and $100 on account. Note: Enter debits before credits. ransaction General Journal DebitCredit Record entry Clear entry View general journal

Explanation / Answer

1. Journal entry

2. Net cash flow - 140

3. Net Income - 240

4.

Cash 140 Accounts receivable 100 Service revenue 240

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