Borland Consulting performed service for a client who could not pay immediately. Borland expected to collect the $4,900 the following month. A month later, Borland received $2,300 cash from the client.
1. Record the two transactions on the books of Borland Consulting. Include an explanation for each transaction.
2. Post to these T-accounts: Cash, Accounts Receivable, and Service Revenue. Compute each account balance and denote it as Bal.