Selected transactions from the journal of June Feldman, investment broker, are presented below. Date Account Titles and Explanation Ref. Debit Credit Aug.1 Cash 7,100 Owner's Capital 7,100 (Owner's investment of cash in business) 10 Cash 3,692 Service Revenue 3,692 (Received cash for services performed) 12 Equipment 7,100 Cash 3,266 Notes Payable 3,834 (Purchased equipment for cash and notes payable) 25 Accounts Receivable 2,414 Service Revenue 2,414 (Billed clients for services performed) 31 Cash 1,278 Accounts Receivable 1,278 (Receipt of cash on account)
Selected transactions from the journal of June Feldman, investment broker, are presented below. Date Account Titles and Explanation Ref. Debit Credit Aug.1 Cash 7,100 Owner's Capital 7,100 (Owner's investment of cash in business) 10 Cash 3,692 Service Revenue 3,692 (Received cash for services performed) 12 Equipment 7,100 Cash 3,266 Notes Payable 3,834 (Purchased equipment for cash and notes payable) 25 Accounts Receivable 2,414 Service Revenue 2,414 (Billed clients for services performed) 31 Cash 1,278 Accounts Receivable 1,278 (Receipt of cash on account)
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 9E: Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The...
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