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Selected transactions from the journal of Sandhill Consultants are presented below (amounts in thousands). Date Ref. Debit Credit Aug. 1 5,800 5,800 Account Titles and
Selected transactions from the journal of Sandhill Consultants are presented below (amounts in thousands). Date Ref. Debit Credit Aug. 1 5,800 5,800 Account Titles and Explanation Cash Share Capital- Ordinary (Issued shares for cash) Cash Service Revenue (Received cash for services performed) Equipment 10 3,020 3,020 12 5.800 Cash 3.130 2,670 25 1.970 Notes Payable (Purchased equipment for cash and notes payable) Accounts Receivable Service Revenue (Billed clients for services performed) Cash Accounts Receivable 1.970 31 1,040 1,040 (Receipt of cash on account) Post the transactions to T-accounts. (Post entries in the order presented in the problem statement.) Cash Aug. 1 5800 Aug. 12 3130 Aug. 10 3020 Aug. 31 1040 Bal. 12990 Accounts Receivable Aug. 25 1970 Aug 31 1040 Bal. 930 Equipment Aug. 12 5800 Bal. 5800 Notes Payable Aug. 12 2670 Bal 2670 Share Capital-Ordinary Aug. 1 5800 Bal 5800 Service Revenue Aug. 10 3020 Aug. 25 1970 III Bal. 4990
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