Suppose you started your own landscaping business. A customer paid you $120 in advance to mow his lawn while he was on vacation. You also performed landscaping services for a local business, but the business hasn't paid you the $390 fee yet. In addition, a customer paid you $130 cash for landscaping services Answer the following questions about the correct way to account for your revenue under accrual accounting: 1. Name the accounts used to record these events. 2. Prepare the journal entries to record the three transactions 1. Name the accounts used to record these events. (Leave unused cells blank.)

Suppose you started your own landscaping business. A customer paid you $120 in advance to mow his lawn while he was on vacation. You also performed landscaping services for a local business, but the business hasn't paid you the $390 fee yet. In addition, a customer paid you $130 cash for landscaping services Answer the following questions about the correct way to account for your revenue under accrual accounting: 1. Name the accounts used to record these events. 2. Prepare the journal entries to record the three transactions 1. Name the accounts used to record these events. (Leave unused cells blank.)

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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