Perform the following accounting tasks for the receivables of Freeman and Jones, a law firm, at December 31, 2021. Read the requirements. Requirements 1 and 2. T-accounts have been set up for Cash, Accounts Receivable, and Service Revenue. Start with the beginning balances as follows: Cash $31,000; Accounts Receivable $98,000; and Service Revenue, $O. Post the following 2021 transactions to the T-accounts: a. Service revenue of $696,000, all on account b. Collections on account, $710,000 What are the ending balances of Cash, Accounts Receivable and Service Revenue? (Abbreviations used: Beg bal = Beginning balance, End bal = Ending balance, Uncoll acct exp = Uncollectible Account Expense. Enter a "0" for any zero balances.) Accounts Receivable Cash et more help. Service Revenue Requirements 1. T-accounts have been set up for Cash, Accounts Receivable, and Service Revenue. Start with the beginning balances as follows: Cash $31,000; Accounts Receivable $98,000; and Service Revenue, $0. Post the following 2021 transactions to the T-accounts: a. Service revenue of $606,000, all on account b. Collections on account, $710,000 2. What are the ending balances of Cash, Accounts Receivable and Service Revenue? Print Done X Clear all Check answer
Perform the following accounting tasks for the receivables of Freeman and Jones, a law firm, at December 31, 2021. Read the requirements. Requirements 1 and 2. T-accounts have been set up for Cash, Accounts Receivable, and Service Revenue. Start with the beginning balances as follows: Cash $31,000; Accounts Receivable $98,000; and Service Revenue, $O. Post the following 2021 transactions to the T-accounts: a. Service revenue of $696,000, all on account b. Collections on account, $710,000 What are the ending balances of Cash, Accounts Receivable and Service Revenue? (Abbreviations used: Beg bal = Beginning balance, End bal = Ending balance, Uncoll acct exp = Uncollectible Account Expense. Enter a "0" for any zero balances.) Accounts Receivable Cash et more help. Service Revenue Requirements 1. T-accounts have been set up for Cash, Accounts Receivable, and Service Revenue. Start with the beginning balances as follows: Cash $31,000; Accounts Receivable $98,000; and Service Revenue, $0. Post the following 2021 transactions to the T-accounts: a. Service revenue of $606,000, all on account b. Collections on account, $710,000 2. What are the ending balances of Cash, Accounts Receivable and Service Revenue? Print Done X Clear all Check answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Perform the following accounting tasks for the receivables of Freeman and Jones, a law firm, at December 31, 2021.
Read the requirements.
Requirements 1 and 2. T-accounts have been set up for Cash, Accounts Receivable, and Service Revenue. Start with the beginning balances as follows: Cash $31,000; Accounts Receivable $98,000; and Service Revenue, $O. Post the following
2021 transactions to the T-accounts:
a. Service revenue of $696,000, all on account
b. Collections on account, $710,000
What are the ending balances of Cash, Accounts Receivable and Service Revenue? (Abbreviations used: Beg bal = Beginning balance, End bal = Ending balance, Uncoll acct exp = Uncollectible Account Expense. Enter a "0" for any zero balances.)
Cash
et more help.
Service Revenue
Accounts Receivable
Requirements
1. T-accounts have been set up for Cash, Accounts Receivable, and Service
Revenue. Start with the beginning balances as follows: Cash $31,000;
Accounts Receivable $98,000; and Service Revenue, $0. Post the following
2021 transactions to the T-accounts:
a. Service revenue of $696,000, all on account
b. Collections on account, $710,000
2. What are the ending balances of Cash, Accounts Receivable and Service
Revenue?
Print
Done
X
Clear all
Check answer
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