Requirement 3. Journalize the earning of service revenue: $50,000 on account and $37,000 in cash. (Record debits first, then credits. Explanations are not required.) Journal Entry Credit Accounts Debit Date 21 27,000 Eagle Sporting Goods Company Other assets Balance Sheet 102,500 S Total assets March 31, 2014 LIABILITIES Thousands Total current liabilities S 53,700 ASSETS 10,700 Long-term liabilities Current: 64,400 Total liabilities 1,200 Cash S STOCKHOLDERS EQUITY 28,300 Accounts receivable 35,000 4,500 Common stock 24,500 Inventories 13,600 Other current assets Retained earnings Total current assets 69,000 38,100 Total stockholders' equity 6,500 Property and equipment, net 102,500 S Total liabilities and stockholders' equity