Consider the recorded transactions below. Debit Credit 1. Accounts Receivable 7,800 Service Revenue 7,800 2. Supplies 2,000 Accounts Payable 2,000 3. Cash 9,600 Accounts Receivable 9,600 4. Advertising Expense 1,000 Cash 1,000 5. Accounts Payable 3,100 Cash 3,100 6. Cash 1,100 Deferred Revenue 1,100 Required: Post each transaction to T-accounts and compute the ending balance of each account. The beginning balance of each account before the transactions is: Cash, $2,800; Accounts Receivable, $3,600; Supplies, $340; Accounts Payable, $2,900; Deferred Revenue, $240. Service Revenue and Advertising Expense each have a beginning balance of zero.

Consider the recorded transactions below. Debit Credit 1. Accounts Receivable 7,800 Service Revenue 7,800 2. Supplies 2,000 Accounts Payable 2,000 3. Cash 9,600 Accounts Receivable 9,600 4. Advertising Expense 1,000 Cash 1,000 5. Accounts Payable 3,100 Cash 3,100 6. Cash 1,100 Deferred Revenue 1,100 Required: Post each transaction to T-accounts and compute the ending balance of each account. The beginning balance of each account before the transactions is: Cash, $2,800; Accounts Receivable, $3,600; Supplies, $340; Accounts Payable, $2,900; Deferred Revenue, $240. Service Revenue and Advertising Expense each have a beginning balance of zero.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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