Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment: (1) $10,000 cash, (2) equipment worth $80,000, and (3) to assume responsibility for a $28,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Prepare general journal entries for the above transactions. (c) Post the entry using T-accounts to represent ledger accounts. Complete this question by entering your answers in the tabs below. Required A Required B Required C Post the entry using T-accounts to represent ledger accounts. Cash 101 Note Payable 245 Equipment 167 Revenue 404 < Required B Required C

Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment: (1) $10,000 cash, (2) equipment worth $80,000, and (3) to assume responsibility for a $28,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Prepare general journal entries for the above transactions. (c) Post the entry using T-accounts to represent ledger accounts. Complete this question by entering your answers in the tabs below. Required A Required B Required C Post the entry using T-accounts to represent ledger accounts. Cash 101 Note Payable 245 Equipment 167 Revenue 404 < Required B Required C

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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