Use the following to answer questions 14 - 20 Post each transaction to the T-accounts below and compute the ending balances of each account. The beginning balances are shown in the T accounts. NOTE: The accounts are only a partial listing of the company's Chart of Accounts Recorded transactions to be posted: Debit Credit Debit Credit ofice Supplies 120 4|Deferred revenue 5.000 Cash 120 Service revenue 5,000 Advertising expense 4,500 SAccounts receivable 75,000 Accounts payable Accounts payable 4,500 Service revenue 75,000 3,000 6 Cash 78,000 Cash 3,000 Accounts receivable 78,000 Following are some (not all) of the accounts for the company: Cash Accounts Receivable Office Supplies Accounts Payable 2,000 10,000 5,000 150 Deferred Revenue Service Revenue Advertising Expense 6,000 14. $ What is the ending balance in the Cash асcount? 15. $ What is the ending balance in the Accounts Receivable account? 16. $ What is the ending balance in the Office supplies account? 17. $ Accounts payable account? What is the ending balance in the 18. $ What is the ending balance in the Deferred revenue account? 19. $ What is the ending balance in the Service revenue account? 20. $ What is the ending balance in the Advertising expense account?
Use the following to answer questions 14 - 20 Post each transaction to the T-accounts below and compute the ending balances of each account. The beginning balances are shown in the T accounts. NOTE: The accounts are only a partial listing of the company's Chart of Accounts Recorded transactions to be posted: Debit Credit Debit Credit ofice Supplies 120 4|Deferred revenue 5.000 Cash 120 Service revenue 5,000 Advertising expense 4,500 SAccounts receivable 75,000 Accounts payable Accounts payable 4,500 Service revenue 75,000 3,000 6 Cash 78,000 Cash 3,000 Accounts receivable 78,000 Following are some (not all) of the accounts for the company: Cash Accounts Receivable Office Supplies Accounts Payable 2,000 10,000 5,000 150 Deferred Revenue Service Revenue Advertising Expense 6,000 14. $ What is the ending balance in the Cash асcount? 15. $ What is the ending balance in the Accounts Receivable account? 16. $ What is the ending balance in the Office supplies account? 17. $ Accounts payable account? What is the ending balance in the 18. $ What is the ending balance in the Deferred revenue account? 19. $ What is the ending balance in the Service revenue account? 20. $ What is the ending balance in the Advertising expense account?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Transcribed Image Text:Use the following to answer questions 14 - 20
Post each transaction to the T-accounts below and compute
the ending balances of each account. The beginning
balances are shown in the T accounts. NOTE: The
accounts are only a partial listing of the company's
Chart of Accounts
Recorded transactions to be posted:
Debit Credit
Debit Credit
office Supplies
4Deferred revenue
5,000
120
Cash
120
Service revenue
5,000
Advertising expense 4,500
Accounts payable
Accounts payable
5Accounts receivable 75,000
4,500
Service revenue
75,000
3,000
6 Cash
78,000
Cash
3,000
Accounts receivable
78,000
Following are some (not all) of the accounts for the
company:
Cash Accounts Receivable Office Supplies Accounts Payable
10.000
5,000
150
2,000
Deferred Revenue Service Revenue Advertising Expense
6,000
14. $
What is the ending balance in the Cash
асcount?
15. $
What is the ending balance in the
Accounts Receivable account?
16. $
What is the ending balance in the
Office supplies account?
17. $
What is the ending balance in the
Accounts payable account?
18. $
What is the ending balance in the
Deferred revenue account?
19. $
What is the ending balance in the
Service revenue account?
20. $
What is the ending balance in the
Advertising expense account?
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