contestada

Selected transactions for Ivanhoe Company are presented below in journal form (without explanations).

Date Account Title Debit Credit
May 5 Accounts Receivable 4,010
Service Revenue 4,010
12 Cash 1,950
Accounts Receivable 1,950
15 Cash 1,310
Service Revenue 1,310

Post the transactions to T-accounts.

Respuesta :

akiran007

Answer:

Account Receivable Bal : 2060

Service Revenue Bal : 5320

Cash Bal : 3260

Explanation:

Total Earnings are $ 5320 out of which $ 3260 have been received and $ 2060 are yet to be received. ( 5320-3260= 2060)

The given transactions include three accounts which are Accounts Receivable , Sales Revenue and Cash.

  Accounts Receivable    

Debit                                     Credit

May 5                                 May 12

Sales Revenue 4010           Cash 1950

                                           Bal: 2060

    4010                                    4010      

     Service Revenue      

Debit                                   Credit

                            May 5  Accounts Receivable

Bal  5320                                           4010

                                    May 15  Cash 1310

                                             5320          

                 Cash                

 Debit                                Credit  

May 12  A/c Rec 1950

May 15 Service                   Bal : 3260

  Revenue       1310        

                                                                   

                    3260                        3260