On November 10, JumpStart Co. provides $2,020 in services to clients. At the time of service, the clients paid $540 in cash and put the balance on account. a. Journalize this event. If an amount box does not require an entry, leave it blank. Nov. 10 fill in the blank ead883f98fa5048_2 fill in the blank ead883f98fa5048_3 fill in the blank ead883f98fa5048_5 fill in the blank ead883f98fa5048_6 fill in the blank ead883f98fa5048_8 fill in the blank ead883f98fa5048_9 b. On November 20, JumpStart Co. clients paid an additional $490 on their accounts due. Journalize this event. If an amount box does not require an entry, leave it blank. Nov. 20 fill in the blank 167ca2fa4f98fdd_2 fill in the blank 167ca2fa4f98fdd_3 fill in the blank 167ca2fa4f98fdd_5 fill in the blank 167ca2fa4f98fdd_6 c. Calculate the accounts receivable balance on November 30. $fill in the blank 17c552fd905afa2_1

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2021-06-14T02:48:59+02:00

Answer:

A. Dr Cash $540

Dr Accounts Receivable $1,480

Cr Fees Earned $2,020

B. Dr Cash $490

Cr Accounts Receivable $490

C.$990

Explanation:

A. Preparation of Journal entry

Nov 10

Dr Cash $540

Dr Accounts Receivable $1,480

($2,020-$540)

Cr Fees Earned $2,020

B. Preparation of Journal entry

Nov 20

Dr Cash $490

Cr Accounts Receivable $490

C. Calculation to determine the accounts receivable balance on November 30

Original invoice $2,020

Less Cash paid upon completion ($540)

Original amount on accounts receivable $1,480

($2,020-$540)

Less Nov 20th payment ($490)

Accounts Receivable balance $990

($1,480-$490)

Therefore the accounts receivable balance on November 30 is $990