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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)

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)

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 the t account.
This image provides a layout for posting transactions to T-accounts, organized for an educational setting. ### Instructions: - **Post the transactions to T-accounts.** - *(Post entries in the order presented in the problem statement.)* ### Account Layout: #### Cash - A T-account with separate left and right columns for entries, commonly used to record debits (left) and credits (right). #### Accounts Receivable - T-account with blank spaces for entering transactions related to money owed to the company. #### Equipment - T-account for recording transactions involving company-owned equipment. #### Notes Payable - T-account structured for entries related to the company's short-term or long-term liabilities. #### Owner’s Capital - T-account designated for changes in the owner's contributed capital. #### Service Revenue - T-account to track revenue earned from services provided. Each T-account has two columns for posting: one for debits and one for credits, facilitating the recording of financial transactions in a streamlined manner. This structured format is crucial for students learning the foundational elements of accounting.
Transcribed Image Text:This image provides a layout for posting transactions to T-accounts, organized for an educational setting. ### Instructions: - **Post the transactions to T-accounts.** - *(Post entries in the order presented in the problem statement.)* ### Account Layout: #### Cash - A T-account with separate left and right columns for entries, commonly used to record debits (left) and credits (right). #### Accounts Receivable - T-account with blank spaces for entering transactions related to money owed to the company. #### Equipment - T-account for recording transactions involving company-owned equipment. #### Notes Payable - T-account structured for entries related to the company's short-term or long-term liabilities. #### Owner’s Capital - T-account designated for changes in the owner's contributed capital. #### Service Revenue - T-account to track revenue earned from services provided. Each T-account has two columns for posting: one for debits and one for credits, facilitating the recording of financial transactions in a streamlined manner. This structured format is crucial for students learning the foundational elements of accounting.
# Journal Transactions Overview The following transactions are selected entries from the journal of June Feldman, an investment broker. These entries detail various financial activities for the month of August. ### Date: August 1 **Account Titles and Explanation:** - **Cash** - Debit: $7,100 - **Owner's Capital** - Credit: $7,100 *(Owner’s investment of cash in business)* ### Date: August 10 **Account Titles and Explanation:** - **Cash** - Debit: $3,692 - **Service Revenue** - Credit: $3,692 *(Received cash for services performed)* ### Date: August 12 **Account Titles and Explanation:** - **Equipment** - Debit: $7,100 - **Cash** - Credit: $3,266 - **Notes Payable** - Credit: $3,834 *(Purchased equipment for cash and notes payable)* ### Date: August 25 **Account Titles and Explanation:** - **Accounts Receivable** - Debit: $2,414 - **Service Revenue** - Credit: $2,414 *(Billed clients for services performed)* ### Date: August 31 **Account Titles and Explanation:** - **Cash** - Debit: $1,278 - **Accounts Receivable** - Credit: $1,278 *(Receipt of cash on account)* These entries provide a snapshot of financial activities including cash transactions, investments, revenue from services, the purchase of equipment, and billing clients. Each transaction is recorded with corresponding debits and credits to maintain balanced accounting records.
Transcribed Image Text:# Journal Transactions Overview The following transactions are selected entries from the journal of June Feldman, an investment broker. These entries detail various financial activities for the month of August. ### Date: August 1 **Account Titles and Explanation:** - **Cash** - Debit: $7,100 - **Owner's Capital** - Credit: $7,100 *(Owner’s investment of cash in business)* ### Date: August 10 **Account Titles and Explanation:** - **Cash** - Debit: $3,692 - **Service Revenue** - Credit: $3,692 *(Received cash for services performed)* ### Date: August 12 **Account Titles and Explanation:** - **Equipment** - Debit: $7,100 - **Cash** - Credit: $3,266 - **Notes Payable** - Credit: $3,834 *(Purchased equipment for cash and notes payable)* ### Date: August 25 **Account Titles and Explanation:** - **Accounts Receivable** - Debit: $2,414 - **Service Revenue** - Credit: $2,414 *(Billed clients for services performed)* ### Date: August 31 **Account Titles and Explanation:** - **Cash** - Debit: $1,278 - **Accounts Receivable** - Credit: $1,278 *(Receipt of cash on account)* These entries provide a snapshot of financial activities including cash transactions, investments, revenue from services, the purchase of equipment, and billing clients. Each transaction is recorded with corresponding debits and credits to maintain balanced accounting records.
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