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3 years ago

Consider the recorded transactions below.

Business

1 answer:

AnnZ [28]3 years ago

6 0

Answer:

1. T-accounts:

Accounts Debit Credit

Accounts Receivable

Balance $4,200

Service Revenue 8,400

Cash 10,200

Accounts Debit Credit

Service Revenue

Accounts Receivable 8,400

Accounts Debit Credit

Supplies

Balance $400

Accounts Payable 2,300

Balance c/d $2,700

Accounts Debit Credit

Accounts Payable

Balance $3,500

Supplies 2,300

Cash $3,700

Balance c/d $2,100

Accounts Debit Credit

Cash Account

Balance $3,400

Accounts Receivable 10,200

Advertising $1,000

Accounts Payable 3,700

Deferred Revenue 1,100

Balance c/d $10,000

Accounts Debit Credit

Advertising Expense

Cash 1,000

Accounts Debit Credit

Accounts Payable

Cash 3,700

Accounts Debit Credit

Deferred Revenue

Balance $300

Cash 1,100

Balance c/d $1,400

Explanation:

a) Data:

General Entries:

Accounts Debit Credit

1. Accounts Receivable 8,400

Service Revenue 8,400

2. Supplies 2,300

Accounts Payable 2,300

3. Cash 10,200

Accounts Receivable 10,200

4. Advertising Expense 1,000

Cash 1,000

5. Accounts Payable 3,700

Cash 3,700

6. Cash 1,100

Deferred Revenue 1,100

b) The beginning balance of each account before the transactions is:

Cash, $3,400

Accounts Receivable, $4,200

Supplies, $400

Accounts Payable, $3,500

Deferred Revenue, $300

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