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To start his own business, John Hall put $24,900 of his personal cash into the business account. Given the following additional transactions calculate the ending
To start his own business, John Hall put $24,900 of his personal cash into the business account.
Given the following additional transactions calculate the ending balance of each of the following accounts after all journal entry amounts are posted:
Cash, Accounts Receivable, Service Revenue, Prepaid Rent, and Rent Expense
Item | Description | Ref. | Debit | Credit | |
1 | Accounts Receivable | 1,700 | |||
Service Revenue | 1,700 | ||||
2 | Cash | 1,000 | |||
Accounts Receivable | 1,000 | ||||
3 | Prepaid Rent | 940 | |||
Cash | 940 | ||||
4 | Rent Expense | 620 | |||
Prepaid Rent | 620 |
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