Brief Exercise 2-7 Selected transactions for the Joel Berges Company are present

Question

Brief Exercise 2-7

Selected transactions for the Joel Berges Company are presented in journal form below.

Date

Account Titles and Explanation

Ref.

Debit

Credit

Post the transactions to T-accounts and determine each account’s ending balance. (Post entries in the order presented in the problem statement.)

Cash

Accounts Receivable

Service Revenue

Date

Account Titles and Explanation

Ref.

Debit

Credit

May 5 Accounts Receivable 4,847      Service Revenue 4,847        (Billed for services performed) 12 Cash 1,992     Accounts Receivable 1,992       (Received cash in payment of account) 15 Cash 3,248     Service Revenue 3,248        (Received cash for services performed)

Explanation / Answer

Joel Bergs Company T Accounts T Account -Accounts Receivable Date Details Amt $ Date Details Amt $ May 5. To Service Revenue                  4,847 May 12. By Cash                        1,992 May 31. To Balance                  2,855 T Account -Cash Date Details Amt $ Date Details Amt $ May 12. To Accounts Receivable                  1,992 May 15. To Service Revenue                  3,248 May 31. To Balance                  5,240 T Account -Service Revenue Date Details Amt $ Date Details Amt $ May 5. By Accounts Receivable                      4,847 May 15. By Cash                        3,248 May 31. By Balance                        8,095

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