Consider the recorded transactions below. Transaction Account Name Debit Credit 1. Accounts Receivable 7,500 Service Revenue 7,500 2. Supplies 1,850 Accounts Payable 1,850 3. Cash 9,300 Accounts Receivable 9,300 4. Advertising Expense 1,000 Cash 1,000 5. Accounts Payable 2,800 6. Cash Cash 2,800 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, $2,500; Accounts Receivable, $3,300; Supplies, $310; Accounts Payable, $2,600; Deferred Revenue, $210. Service Revenue and Advertising Expense each have a beginning balance of zero.
Consider the recorded transactions below. Transaction Account Name Debit Credit 1. Accounts Receivable 7,500 Service Revenue 7,500 2. Supplies 1,850 Accounts Payable 1,850 3. Cash 9,300 Accounts Receivable 9,300 4. Advertising Expense 1,000 Cash 1,000 5. Accounts Payable 2,800 6. Cash Cash 2,800 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, $2,500; Accounts Receivable, $3,300; Supplies, $310; Accounts Payable, $2,600; Deferred Revenue, $210. Service Revenue and Advertising Expense each have a beginning balance of zero.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Consider the recorded transactions below.
Transaction
Account Name
Debit
Credit
1.
Accounts Receivable
7,500
Service Revenue
7,500
2.
Supplies
1,850
Accounts Payable
1,850
3.
Cash
9,300
Accounts Receivable
9,300
4.
Advertising Expense
1,000
Cash
1,000
5.
Accounts Payable
2,800
6.
Cash
Cash
2,800
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, $2,500; Accounts Receivable, $3,300; Supplies, $310; Accounts Payable, $2,600; Deferred Revenue, $210.
Service Revenue and Advertising Expense each have a beginning balance of zero.
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