Consider the recorded transactions below. ................................................................Debit .............Credit 1. Accounts Receivable ............................................. 7,400 Service Revenue .................................................................................. 7,400 2.

Question:

Consider the recorded transactions below.

................................................................Debit .............Credit

1. Accounts Receivable ............................................. 7,400

Service Revenue .................................................................................. 7,400

2. Supplies ................................................................. 1,800

Accounts Payable ............................................................................... 1,800

3. Cash ...................................................................... 9,200

Accounts Receivable .......................................................................... 9,200

4. Advertising Expense ............................................ 1,200

Cash ....................................................................................... 1,200

5. Accounts Payable ............................................... 2,700

Cash ....................................................................................... 2,700

6. Cash ................................................................... 1,000

Unearned Revenue ............................................................................ 1,000

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, $2,400; Accounts Receivable, $3,200; Supplies, $300; Accounts Payable, $2,500; Unearned Revenue, $200. Service Revenue and Advertising Expense each have a beginning balance of zero?

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...