Answer
--Requirement 'B' asked
Date | General Journal | Debit | Credit |
May-15 | Cash | $30,000 | |
Equipment | $69,000 | ||
Service revenue | $70,000 | ||
Notes Payable | $29,000 |
>Cash is debited by the amount received in cash.
>Equipment value being an asset is also debited, the respective
Notes Payable liability is credited.
>Amount of service revenue billed is also credited.
Groro Co. bills a client $70,000 for services provided and agrees to accept the following three...
Groro Co. bills a client $70,000 for services provided and agrees to accept the following three items in full payment: (1) $30,000 cash, (2) equipment worth $69,000, and (3) to assume responsibility for a $29,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Record the transaction in journal entry form. (c) Post the entry using T-accounts to represent ledger accounts. Complete this question by entering your answers in the tabs below. Required A...
Groro Co. bills a client $64,000 for services provided and agrees to accept the following three items in full payment: (1) $30,000 cash, (2) equipment worth $68,000, and (3) to assume responsibility for a $34,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Record the transaction in journal entry form. (c) Post the entry using T-accounts to represent ledger accounts. Complete this question by entering your answers in the tabs below. Required A...
Groro Co. bills a client $62,000 for services provided and
agrees to accept the following three items in full payment: (1)
$10,000 cash, (2) equipment worth $80,000, and (3) to assume
responsibility for a $28,000 note payable related to the
equipment.
(a) Analyze the transaction using the
accounting equation.
(b) Prepare general journal entries for the
above transactions.
(c) Post the entry using T-accounts to
represent ledger accounts.
Complete this question by entering your answers in the tabs below. Required...
n. 1,2,3 1 Saved Help Save & Exit Submit Groro Co. bills a client $55,000 for services provided and agrees to accept the following three items In full payment: (1) $17,000 cash, (2) equipment worth $59,000, and (3) to assume responsibility for a $21,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Prepare general Journal entries for the above transactions (c) Post the entry using T-accounts to represent ledger accounts. Complete this question...
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