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20 December, 06:44

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.

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Answers (1)
  1. 20 December, 08:46
    0
    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
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