Tolman Unlimited performed service for a client who could not pay immediately. Tolman expected to collect the $4,700 the following month. A month later, Tolman received $3,000 cash from the client.
1. Record the two transactions on the books of Tolman Unlimited. Include an explanation for each transaction.
2. Post to these T-accounts: Cash, Accounts Receivable, and Service Revenue. Compute each account balance and denote as Bal.