Perform the following accounting tasks for the receivables of Able and Bowman, a law firm, at December

Question:

Perform the following accounting tasks for the receivables of Able and Bowman, a law firm, at December 31, 2021.

Requirements

1. Set up T-accounts for Cash, Accounts Receivable, and Service Revenue. Start with the beginning balances as follows: Cash $28,000; Accounts Receivable $103,000; and Service Revenue $0. Post the following 2021 transactions to the T-accounts:

a. Service revenue of $705,000, all on account

b. Collections on account, $713,000

2. What are the ending balances of Cash, Accounts Receivable, and Service Revenue?

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Financial Accounting

ISBN: 9780136899037

13th Edition

Authors: C. William Thomas, Wendy M Tietz

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Question Posted: Feb 13, 2023 06:03 AM

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Perform the following accounting tasks for the receivables of Able and Bowman, a law firm, at December

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Req 1 and 2 Beg bal Collections Endbal Beg ...View the full answer

Financial Accounting

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