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Perform the following accounting tasks for the receivables of Jones and Sanders, a law firm, at December 31, 2021. Read the requirements Requirements 1
Perform the following accounting tasks for the receivables of Jones and Sanders, a law firm, at December 31, 2021. Read the requirements Requirements 1 and 2. T-accounts have been set up for Cash, Accounts Receivable, and Service Revenue. Start with the beginning balances as follows: Cash $31,000: Accounts Receivable $104,000, and Service Revenue, 50. Post the following 2021 transactions to the T-accounts a. Service revenue of $702,000, all on account b. Collections on account, $718,000 What are the ending balances of Cash, Accounts Receivable and Service Revenue? (Abbreviations used Beg bal - Beginning balance, End bal Ending balance, Uncoll acct exp Uncollectible Account Expense. Enter a "0" for any zero balances.) Cash Beg bal 31,000 Collections End bal 718,000 749,000 Service Revenue Beg bal Service revenue 702,000 End bal 702,000 Accounts Receivable Beg bal Service revenue 104,000 702,000 Collections 718,000 End bal
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