Chapter 2, Problem 2.11S

(Learning Objective 4: Journalize and post transactions) Orman Consulting performed services for a client who could not pay immediately. Orman expected to collect the $4,600 the following month. A month later, Orman received $2,100 cash from the client.

1. 1. Record the two transactions on the books of Orman Consulting. Include an explanation for each transaction.
2. 2. Post to these T-accounts: Cash. Accounts Receivable, and Service Revenue. Compute each account balance and denote it as Bal.