Consider the recorded transactions below.
Debit Credit
1. Accounts Receivable 8,400 Service Revenue 8,400
2. Supplies 2,300 Accounts Payable 2,300
3. Cash 10,200 Accounts Receivable 10,200
4. Advertising Expense 1,000 Cash 1,000
5. Accounts Payable 3,700 Cash 3,700
6. Cash 1,100 Deferred Revenue 1,100
Post each transaction to T-accounts and compute the ending balance of each account. The beginning balance of each account before the transactions is:
Cash, $2,700;
Accounts Receivable, $3,500;
Supplies, $330;
Accounts Payable, $2,800;
Deferred Revenue, $230.
Service Revenue and Advertising Expense each have a beginning balance of zero.

Question

Joshuadang2008 Joshuadang2008

08-02-2021
Business

Answered

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Consider the recorded transactions below.
Debit Credit
1. Accounts Receivable 8,400 Service Revenue 8,400
2. Supplies 2,300 Accounts Payable 2,300
3. Cash 10,200 Accounts Receivable 10,200
4. Advertising Expense 1,000 Cash 1,000
5. Accounts Payable 3,700 Cash 3,700
6. Cash 1,100 Deferred Revenue 1,100
Post each transaction to T-accounts and compute the ending balance of each account. The beginning balance of each account before the transactions is:
Cash, $2,700;
Accounts Receivable, $3,500;
Supplies, $330;
Accounts Payable, $2,800;
Deferred Revenue, $230.
Service Revenue and Advertising Expense each have a beginning balance of zero.

Sagot :

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Answer:

The ending balance of each account after the transactions is:

Cash, $9,300;

Accounts Receivable, $1,700;

Supplies, $2,630;

Accounts Payable, $1,400;

Deferred Revenue, $1,330.

Service Revenue and Advertising Expense each have an ending balance of zero.

Explanation:

Note: See the attached excel file for the T-accounts and computation of the ending balance (in red color).

The Service Revenue and Advertising Expense each have an ending balance of zero because they are to bee transferred to the income statement of the period. The income statement as an abridged version can be shown as follows:

Income statement (Abridged)

For the Period ...

Particulars $

Service Revenue 8,400

Advertising Expense (1,000)

Net income 7,400

Sagot :

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