Journal entry worksheet

Groro Company bills a client $56,000 for services provided and agrees to accept the following three items in full payment: (1) $30,000 cash, (2) $63,000 of equipment, and (3) $37,000 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.

Journal entry worksheet Record the providing of services to a client. Note: Enter debits before credits