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Triss [41]
3 years ago
9

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

Business
1 answer:
joja [24]3 years ago
6 0

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.

<h2><u>   Accounts Receivable     </u></h2><h3><u>Debit                                     Credit</u></h3>

May 5                                 May 12

Sales Revenue 4010           Cash 1950

<u>                                            Bal: 2060</u>

<u>     4010                                    4010      </u>

<u />

<h2><u>      Service Revenue       </u></h2><h3><u>Debit                                   Credit </u></h3>

                            May 5  Accounts Receivable

Bal  5320                                           4010

<u>                                     May 15  Cash 1310</u>

<u>                                              5320           </u>

<u />

<h2><u>                  Cash                </u></h2><h3><u>  Debit                                Credit   </u></h3>

May 12  A/c Rec 1950

May 15 Service                   Bal : 3260

  Revenue       1310        

<u>                                                                    </u>

<u>                     3260                        3260    </u>

<h3><u /></h3>
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