On November 10, JumpStart provides $2,170 in services to clients. At the time of service, the clients paid $650 in cash and put the balance on account. Required: (a) Journalize this event.* (b) On November 20, JumpStart’s clients paid an additional $560 on their accounts due. Journalize this event.* (c) Calculate the accounts receivable balance on November 30.
On November 10, JumpStart provides $2,170 in services to clients. At the time of service, the clients paid $650 in cash and put the balance on account. Required: (a) Journalize this event.* (b) On November 20, JumpStart’s clients paid an additional $560 on their accounts due. Journalize this event.* (c) Calculate the accounts receivable balance on November 30.
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 5EA: Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....
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Question
On November 10, JumpStart provides $2,170 in services to clients. At the time of service, the clients paid $650 in cash and put the balance on account.
Required:
(a) | Journalize this event.* |
(b) | On November 20, JumpStart’s clients paid an additional $560 on their accounts due. Journalize this event.* |
(c) | Calculate the |
*Refer to the Chart of Accounts for exact wording of account titles. |
CHART OF ACCOUNTSJumpStartGeneral Ledger
ASSETS | |
11 | Cash |
12 | Accounts Receivable |
13 | Office Supplies |
14 | Prepaid Insurance |
15 | Land |
16 | Office Equipment |
17 | Building |
18 | Truck |
LIABILITIES | |
21 | Notes Payable |
22 | Accounts Payable |
23 | Unearned Revenue |
EQUITY | |
31 | JumpStart, Capital |
32 | JumpStart, Drawing |
REVENUE | |
41 | Fees Earned |
EXPENSES | |
51 | Wages Expense |
53 | Rent Expense |
54 | Utilities Expense |
55 | Maintenance Expense |
59 | Miscellaneous Expense |
(a) On November 10, JumpStart provides $2,170 in services to clients. At the time of service, the clients paid $650 in cash and put the balance on account. Journalize this event. Refer to the Chart of Accounts for exact wording of account titles.
(b) On November 20, JumpStart’s clients paid an additional $560 on their accounts due. Journalize this event. Refer to the Chart of Accounts for exact wording of account titles.
c. Calculate the accounts receivable balance on November 30.
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