US Weygandt, Financial Accounting, 10e ES Account Titles and Explanation Ref. Deblt 5,000 May 5 Accounts Receivable Service Revenue 5,000 (Billed for services performed) 12 Cash 2,100 Accounts Receivable 2,100 (Received cash in payment of account) 15 Cash 3,200 Service Revenue 3,200 (Recelved cash for services performed) Post the transactions to T-accounts. Make one T-account for each tem and determine each account's ending balance Cash 2,100 /12 3,2005/15 5,300 Ending Bal 5/12 5/15 3,200 Ending Bal. 5,300 Accounts Receivable 5/5 5,000 s/12 2,100 Ending Bal. 5,000 Ending Bal. 2,100 Service Revenue 5/5 5,000 5/s 5, 5/15 3,200 5/15 3,200 Ending Bal. 8,200 I Ending Bal. : 8,200 MacBook Air Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis Aug. 1 Opens an office as a financial advisor, investing $5,000 in cash in exchange for common stock. 4 Pays insurance in advance for 6 months, $1,800 cash. 16 Receives $1,900 from dients for services performed. 27 Pays secretary $1,000 salary. (a) Effect on Accounting Equation (b) Debit-Credit Analysis Aug. 1 The asset Debits Debit Credits Credit Debits the stockholders' equity account Aug. 4 The asset the asset Credits Credit Debits Debit Aug. 16 The asset the revenue Credit Debits Debit Credits Credit Aug. 27 The expense the asset