Acct 1 Spring 2018 22908 Max Moore 3/4/18 9:10 PM Homework: Chapter 5 Homework S

Question

Acct 1 Spring 2018 22908 Max Moore 3/4/18 9:10 PM Homework: Chapter 5 Homework Score: 0 of 1 pt 7011016 complete Hw Score: 60%, 6 of 10p S5-8 (book/static) Question Help Perfomm the following accounting for the receivaibles of Bronson and Moore, a law firm, at December 31, 2016 Read the reoirements Requirements 1 and 2. Start with the beginning balances for these T-accounts Cash $27 000 Accounts Receivable, $08,000, Service Revenue, SO. Post the folowing 2018 transactions to the T-eocounts a. Service revenue of$703,000, all on account b. Colections on accourt, ST20,000 What are the erding belances of Cash, Accounts Receivable and Service Reverue? Prepare the Taccounts for Cash Accounts Receivable and Service Revenue (Abbreviations used: Beg bal Beginning balanoe, End bal Ending balanon Choose rom any lst or enter any rumber in the input telds and then click Check Answer

Explanation / Answer

the following are the T accounts:

cash a/c

accounts receivable a/c:

service revenue a/c

note: balance in service revenue will be transferred to income statement, since it is a nominal account.

2.ending balances:

opening balance $27,000 1.collections $720,000 Ending balance $747,000 $747,000 $747,000

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