Suppose your company sells services of $350 in exchange for $220 cash and $130 on account. Depreciation of $150relating to equipment also is recordedRequired:1. Prepare the journal entries to record these transactions.Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.View transaction listJournal entry worksheetRecord the service revenue of $220 for cash and $130 on account.TransactionRecord entryGeneral JournalClear entryDebitCredit Suppose your company sells services of $350 in exchange for $220 cash and $130 on account. Depreciation of $150relating to equipment also is recorded.Required:1. Prepare the journal entries to record these transactions.Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.View transaction listJournal entry worksheet< ARecord the depreciation expense of $150.BNote Enter debits before credits,Transaction2Record entryGeneral JournalClear entryDebitCreditAView general journal

Lets understand the basics.Journal entry is required to record event and transaction that occur…

Suppose your company sells services of $350 in exchange for $220 cash and $130 on account. Depreciation of $150 relating to equipment also is recorded. Required: 1. Prepare the journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction int Journal entry worksheet Record the service revenue of $220 for cash and $130 on account.

Suppose your company sells services of $350 in exchange for $220 cash and $130 on account. Depreciation of $150 relating to equipment also is recorded. Required: 1. Prepare the journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction int Journal entry worksheet Record the service revenue of $220 for cash and $130 on account.

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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