Perform the following accounting for the receivables of Bronson and Moore, a law firm, at December 31, 2016 Requirements 1 Set up T accounts for Cash, Accounts Receivable, and Service Revenue Start with the beginning balances as follows Cash $27,000 Accounts Receivable $98,000 and Service Revenue $...

Req 1 and 2 Cash Beg bal 27000 Collections ...

Perform the following accounting for the receivables of Bronson and Moore, a law firm, at December 31,

Question:

Perform the following accounting for the receivables of Bronson and Moore, a law firm, at December 31, 2016.
Requirements
1. Set up T-accounts for Cash, and Service Revenue. Start with the beginning balances as follows: Cash $27,000; $98,000; and Service Revenue $0. Post the following 2016 transactions to the T-accounts:
a. Service revenue of $703,000, all on account
b. Collections on account, $720,000
2. What are the ending balances of Cash, and Service Revenue?
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...