Groro Company bills a client $62,000 for services provided and agrees to accept the following three items in full payment: (1) $10,000 cash, (2) $80,000 of equipment, and (3) $28,000 note payable owed on the equipment.

(a) Analyze the transaction using the accounting equation.

(b) Record the transaction in journal entry form.

(c) Post the entry using T-accounts to represent ledger accounts.

A.

b.

c.

part b options: 101: Cash

• 124: Supplies
• 167: Equipment
• 201: Accounts payable
• 245: Note payable
• 403: Services revenue

Journal entry worksheet Record the providing of services to a client. Note: Enter debits before credits. Analyze the transaction using the accounting equation. Post the entry using T-accounts to represent ledger accounts