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6:51 PM Sun Dec 4 Done Illustration of Posting to T accounts (4 of 4) ILLUSTRATION OF POSTING TO TACCOUNTS Accounts Receivable TT Land
6:51 PM Sun Dec 4 Done Illustration of Posting to T accounts (4 of 4) ILLUSTRATION OF POSTING TO TACCOUNTS Accounts Receivable TT Land TT 620.000 75.000 50000 150.000 25,000 5,000 150,000 EB 20,000 Accounts with normal Debit sided Balance - Account balance increases with a left sided debit entry. Assets, Expenses and Dividend Accounts. Contra-Asset Accounts - Accumulated Depreciation; Allowance for Uncollectible Balances increase with credit sided entries T=Transaction # Accounts Receivable account: Customers charged $20,000 services and $5,000 in sales on account when provided. A customer paid off the $5,000 accounts receivable owed to the company Accounts receivable. B- total of the column EB- the ending balance in the account 25,000-5,000-20,000 Assets increase with debits (left side) and decrease with credit (right side) entries. If you look at the Land account, it shows Land purchased for $150,000. T Service Revenue IT Sales Sales Discount 20,000 5.000 2000 EB 20.000 85,000 10 EB 5000 EB Accounts with normal Credit sides Balance - Account balance increases with a right-side credit entry. Revenue, Liability, Equity - Common Stock and Retained earnings Contra Revenue Accounts - Sales Discounts, Sales Returns and Allowances- Balances increase with debit sided entries Provided services for 20,000 on account and 5,000 in sales on account. A customer paid off the $5,000 accounts receivable and deducted $10 off the payment for a sales discount carned 97% 1 F
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