Selected transactions for the Finney Company are presented in journal from below

Question

Selected transactions for the Finney Company are presented in journal from below. Post the transactions to T accounts. Determine each account's ending balance. (If there is no transaction, enter No entry as the date and 0 for the amount. Do not leave any fields blank. List multiple entries in order of date.)

Date Account Titles and Explanation Ref. Debit Credit
May 5 Accounts Receivable 5,000
Service Revenue 5,000
(Billed for services provided)
12 Cash 2,400
Accounts Receivable 2,400
(Received cash in payment of account)
15 Cash 3,000
Service Revenue 3,000
(Received cash for service provided)

Cash




Accounts Receivable





Service Revenue

Explanation / Answer

accounts recievable =(+5000) service revenue= +5000 ending balances of the accounts: accounts recievable =5000-2400 =2600 cash =2400+3000=5400 services revenue=5000+3000=8000 cheers :)

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