Peter Nguyen performed legal service for a client who could not pay immediately. Nguyen expected to collect
Question:
Peter Nguyen performed legal service for a client who could not pay immediately. Nguyen expected to collect the $5.000 the following month. Later. Nguyen received $2.700 cash from the client. 1. Record the two transactions on the books of Peter Nguyen, Attorney Include an expla- nation for each transaction. 2. Open these accounts: Cash: Accounts Receivable: Service Revenue. Post to all three accounts. Compute each account's balance, and denote as Bal. 3. Answer these questions based on your analysis:
a. How much did Nguyen earn? Which account shows this amount?
b. How much in total assets did Nguyen acquire as a result of the two transactions? Show the amount of each asset. Note: Daily Exercise 2-12 should be used in connection with Daily Exercise 2-7.
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