On December 1, JumpStart Company provides $2,800 in services to clients. Require

Question

On December 1, JumpStart Company provides $2,800 in services to clients.

Required:

*Refer to the Chart of Accounts for exact wording of account titles * The Journal should consist of 6 rows.

Chart of Accounts.

(a) Journalize this event as if the clients had paid cash at the time the services were rendered.* (b)(1) Journalize this event as if the clients had been rendered the services on account.* (b)(2) Assume that the clients paid $1,200 of the amount on account on December 30. Journalize this transaction.*

*Refer to the Chart of Accounts for exact wording of account titles * The Journal should consist of 6 rows.

Chart of Accounts.

CHART OF ACCOUNTS JumpStart Company General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Office Supplies 14 Prepaid Insurance 15 Land 16 Office Equipment 17 Building 18 Truck LIABILITIES 21 Accounts Payable 22 Unearned Revenue 23 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Maintenance Expense 59 Miscellaneous Expense

Explanation / Answer

Solution:-

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Sr. No. Date Description Debit Credit (a) Dec. 1 Cash 2,800 Fees earned 2,800 (b) (1) Dec. 1 Accounts receivable 2,800 Fees earned 2,800 (b) (2) Dec. 30 Cash 1,200 Accounts receivable 1,200

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