Consider the recorded transactions below. Transaction Account Name Debit Credit 1. Accounts Receivable 7,400 Service Revenue...
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Consider the recorded transactions below. Transaction Account Name Debit Credit 1. Accounts Receivable 7,400 Service Revenue 7,400 2. Supplies 1,800 Accounts Payable 1,800 3. Cash 9,200 Accounts Receivable 9,200 4. Advertising Expense 1,200 Cash 1,200 5. Accounts Payable 2,700 Cash 2,700 6. Cash 1,000 Deferred Revenue 1,000 Required: Post each transaction to T-accounts and compute the ending balance of each account. The beginning balance of each account before the transactions is: Cash, $2,400; Accounts Receivable, $3,200; Supplies, $300; Accounts Payable, $2,500; Deferred Revenue, $200. Service Revenue and Advertising Expense each have a beginning balance of zero. Accounts Receivable Credit Debit Credit 2,400 Beginning Balance 9,200 2,700 (5) (1) 3,200 7,400 (3) 1,000 Cash Debit Beginning Balance (3) (6) Ending Balance 8,700 Supplies Debit Beginning Balance (2) Ending Balance Debit Beginning Balance Ending Balance Credit 300 1,800 2,100 Deferred Revenue Ending Balance Debit Beginning Balance (5) Ending Balance 1,400 Accounts Payable Credit 2,700 2,500 1,800 (2) Service Revenue Credit Debit 200 Beginning Balance Credit 0 1,000 (6) 7,400 (1) 1,200 Ending Balance Advertising Expense Debit Credit Beginning Balance 0 (4) 1,200 Consider the recorded transactions below. Transaction Account Name Debit Credit 1. Accounts Receivable 7,400 Service Revenue 7,400 2. Supplies 1,800 Accounts Payable 1,800 3. Cash 9,200 Accounts Receivable 9,200 4. Advertising Expense 1,200 Cash 1,200 5. Accounts Payable 2,700 Cash 2,700 6. Cash 1,000 Deferred Revenue 1,000 Required: Post each transaction to T-accounts and compute the ending balance of each account. The beginning balance of each account before the transactions is: Cash, $2,400; Accounts Receivable, $3,200; Supplies, $300; Accounts Payable, $2,500; Deferred Revenue, $200. Service Revenue and Advertising Expense each have a beginning balance of zero. Accounts Receivable Credit Debit Credit 2,400 Beginning Balance 9,200 2,700 (5) (1) 3,200 7,400 (3) 1,000 Cash Debit Beginning Balance (3) (6) Ending Balance 8,700 Supplies Debit Beginning Balance (2) Ending Balance Debit Beginning Balance Ending Balance Credit 300 1,800 2,100 Deferred Revenue Ending Balance Debit Beginning Balance (5) Ending Balance 1,400 Accounts Payable Credit 2,700 2,500 1,800 (2) Service Revenue Credit Debit 200 Beginning Balance Credit 0 1,000 (6) 7,400 (1) 1,200 Ending Balance Advertising Expense Debit Credit Beginning Balance 0 (4) 1,200
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Cash TAccount Beginning Balance 2400 Transaction 3 Debit 9200 Transaction 5 Credit ... View the full answer
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
Posted Date:
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