Consider the recorded transactions below. Required: Post each transaction to T-accounts and compute the ending balance of
Question:
Consider the recorded transactions below.
Required:
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, $3,200; Accounts Receivable, 3,900; Supplies, $480; Accounts Payable, $1,720; Unearned Revenue, $410. Service Revenue and Advertising Expense each have a beginning balance ofzero.
Debit 9.800 Credit 1. Accounts Receivable Service Revenue 9,800 2. Supplies 2,200 Accounts Payable 2.200 3. Cash 7,500 Accounts Receivable 7500 4. Advertising Expense 1,100 Cash 1,100 3,500 5. Accounts Payable Cash 3,500 6. Cash 2,540 Uneamed Revenue 2,540
Step by Step Answer:
3 6 2 4 Cash 3 200 7 500 2 540 8 640 Supplies 480 2 2...View the full answer
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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