Question

Selected transactions from the journal of Sage Hill Inc. during its first month of operations are presented here. Credit Debit 6,500 6,500 1,650 1,650 6,150 Date Account Titles Aug. 1 Cash Common Stock 10 Cash Service Revenue 12 Equipment Cash Notes Payable 25 Accounts Receivable Service Revenue 31 Cash Accounts Receivable 790 5,360 2,650 2,650 660 660 Post the transactions to T-accounts. (Post entries in the order of journal entries presented in the question.)

Answer 1

D 790 A B C Cash 1-Aug $ 6,500 12-Aug $ 10-Aug $ 1,650 31-Aug $ 660 31-Aug $ 8,020 3 4 5 E F G H SAGE HILL INC. Trial Balance for the year ended August 31, 2022 Account Title Debit ($) Credit ($) Cash $ 8,020 Accounts Receivable $ 1,990 Equipment $ 6,150 Notes Payable $ 5,360 Common Stock $ 6,500 Service Revenue $ 4,300 $ Accounts Receivable $ 2,650 31-Aug $ 1,990 8 9 10 660 25-Aug 31-Aug 11 Total Equipment $ 6,150 $ 6,150 $ 16,160 $ 12 13 16,160 12-Aug 31-Aug Notes Payable 12-Aug $ 5,360 31-Aug $ 5,360 17 Common Stock 1-Aug 31-Aug $ 6,500 $ 6,500 21 Service Revenue 10-Aug 25-Aug | 31-Aug 25 $ 1,650 $ 2,650 $ 4,300 26 27

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