Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Chapter 5, Problem 5.6S
(Learning Objective 4: Account for accounts receivable) Perform the following accounting tasks for the receivables of Able and Bowman, a law firm, at December 31, 2018.
Requirements
1. Set up T-accounts for Cash, Accounts Receivable, and Service Revenue. Start with the beginning balances as follows: Cash $28,000: Accounts Receivable $103,000; and Service Revenue $0. Post the following 2018 transactions to the T-accounts:
a. Service revenue of $705,000, all on account
b. Collections on account $713,000
2. What are the ending balances of Cash, Accounts Receivable, and Service Revenue?
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Chapter 5 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Ch. 5 - A doctor for the Benson Family Practice performs a...Ch. 5 - On March 15, Maxwell Plush sold and shipped...Ch. 5 - Prob. 3QCCh. 5 - What is the financial impact on a company when a...Ch. 5 - Prob. 5QCCh. 5 - Which of the following statements is true? a....Ch. 5 - Duncan Corporation began 2018 with a balance in...Ch. 5 - Use the following information to answer questions...Ch. 5 - Jackson Company had the following information in...Ch. 5 - If uncollectible accounts are determined by the...
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