DO Im J1 Date Account Titles and Explanation Ref. Debit Credit May 5 Accounts Receivable Service Revenue (Billed for services performed) 5,000 5,000 12 Cash 2,100 Accounts Receivable 2100 (Received cash in payment of account) Cash 15 3,200 Service Revenue 3.200 (Received cash for services performed) BE2.8 (LO 3) Selected journal entries for the Nikolai Company are presented in BE2.7. Post the trans- actions using the standard form of account. Post journal of account BE2.9 (LO 4) From the ledger balances given below, prepare a trial balance for the Favre Company at June 30, 2020. List the accounts in the order as indicated in the chapter. All account balances are Prepare a trial normal. Accounts Payable $7,000, Cash $5,200, Common Stock $20,000, Dividends $800, Equipment S17,000, Service Revenue S6,000, Accounts Receivable $3,000, Salaries and Wages Expense $6,000. and Rent Expense $1,000. BE2.10 (LO 4) An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances are normal. Prepare a corr Erika Company Trial Balance December 31, 2020 Credit Debit $16,800 Cash Prepaid Insurance Accounts Payable $ 3,500 3,000 Unearned Service Revenue 4,200 13.000 Common Stock Dividends 4,500 25,600 Service Revenue Salaries and Wages Expense Rent Expense 18,600 2,400 $39,600 $52,000 DO IT! Exercises DO IT! 2.1 (LO 1) James Mayaguez has just rented space in a strip mall. In this space, he will open a photography studio, to be called "Picture This!" A friend has advised James to set up a double-entry set of accounting records in which to record all of his business transactions Identify the balance sheet accounts that James will likely need to record the transactions needed to open his business (a corporation). Indicate whether the normal balance of each account is a debit Identify n or credit