Date Account Titles and Explanation Ref. Debit Credit Aug.1 Cash 5,000 Owner\'s

Question

Date Account Titles and Explanation Ref. Debit Credit Aug.1 Cash 5,000 Owner's Capital 5,000 (Owner’s investment of cash in business) 10 Cash 2,600 Service Revenue 2,600 (Received cash for services performed) 12 Equipment 5,000 Cash 2,300 Notes Payable 2,700 (Purchased equipment for cash and notes payable) 25 Accounts Receivable 1,700 Service Revenue 1,700 (Billed clients for services performed) 31 Cash 900 Accounts Receivable 900 (Receipt of cash on account) Collapse question part (a) Post the transactions to T-accounts

Explanation / Answer

T ACCOUNTS DEBIT CREDIT CASH 5000 OWNER CAPITAL 5000 CASH 2600 SERVICE REVENUE 2600 EQUIPMENT 5000 CASH 2300 NOTES PAYABLE 2700 ACCOUNTS RECIEVABLE 1700 SERVICE REVENUE 1700 CASH 900 ACCOUNTS RECIEVABLE 900 15200 15200

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