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Post the transactions to T-accounts

Post the transactions to T-accounts

FINANCIAL ACCOUNTING
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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Post the transactions to T-accounts
Selected transactions from the journal of June Feldman, investment broker, are presented below. Date Account Titles and Explanation Ref. Debit Credit Aug.1 Cash 7,100 Owner's Capital 7,100 (Owner's investment of cash in business) 10 Cash 3,692 Service Revenue 3,692 (Received cash for services performed) 12 Equipment 7,100 Cash 3,266 Notes Payable 3,834 (Purchased equipment for cash and notes payable) 25 Accounts Receivable 2,414 Service Revenue 2,414 (Billed clients for services performed) 31 Cash 1,278 Accounts Receivable 1,278 (Receipt of cash on account)
Transcribed Image Text:Selected transactions from the journal of June Feldman, investment broker, are presented below. Date Account Titles and Explanation Ref. Debit Credit Aug.1 Cash 7,100 Owner's Capital 7,100 (Owner's investment of cash in business) 10 Cash 3,692 Service Revenue 3,692 (Received cash for services performed) 12 Equipment 7,100 Cash 3,266 Notes Payable 3,834 (Purchased equipment for cash and notes payable) 25 Accounts Receivable 2,414 Service Revenue 2,414 (Billed clients for services performed) 31 Cash 1,278 Accounts Receivable 1,278 (Receipt of cash on account)
Post the transactions to T-accounts. (Post entries in the order presented in the problem statement.) Cash Accounts Receivable Equipment Notes Payable Owner's Capital Service Revenue
Transcribed Image Text:Post the transactions to T-accounts. (Post entries in the order presented in the problem statement.) Cash Accounts Receivable Equipment Notes Payable Owner's Capital Service Revenue
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