Question
Brief Exercise 2-07 Selected transactions for the Cullumber Company are presented in journal form below. J1 Date Account Titles and Explanation Ref. Debit Credit May
Brief Exercise 2-07
Selected transactions for the Cullumber Company are presented in journal form below.
| J1 | ||||||||
| Date | Account Titles and Explanation | Ref. | Debit | Credit | ||||
| May 5 | Accounts Receivable | 5,000 | ||||||
| Service Revenue | 5,000 | |||||||
| (Billed for services performed) | ||||||||
| 12 | Cash | 1,400 | ||||||
| Accounts Receivable | 1,400 | |||||||
| (Received cash in payment of account) | ||||||||
| 15 | Cash | 3,000 | ||||||
| Service Revenue | 3,000 | |||||||
| (Received cash for services performed) |
Post the transactions to T-accounts. Make one T-account for each item and determine each accounts ending balance. (Post entries in the order displayed in the problem.)
| Cash | |||
| 5/55/125/15Ending Bal. | 5/55/125/15Ending Bal. | ||
| 5/55/125/15Ending Bal. | 5/55/125/15Ending Bal. | ||
| 5/55/125/15Ending Bal. | 5/55/125/15Ending Bal. | ||
| Accounts Receivable | |||
| 5/55/125/15Ending Bal. | 5/55/125/15Ending Bal. | ||
| 5/55/125/15Ending Bal. | 5/55/125/15Ending Bal. | ||
| Service Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5/55/125/15Ending Bal. | 5/55/125/15Ending Bal. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5/55/125/15Ending Bal. | 5/55/125/15Ending Bal. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5/55/125/15Ending Bal. | 5/55/125/15Ending Bal. | Brief Exercise 2-07 Selected transactions for the Cullumber Company are presented in journal form below.
Post the transactions to T-accounts. Make one T-account for each item and determine each accounts ending balance. (Post entries in the order displayed in the problem.)
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Managerial Accounting
Authors: John Wild, Ken Shaw, Barbara Chiappetta
8th Edition
1264111924, 9781264111923
