Question

Selected transactions from the journal of Concord Corporation, are presented below. Date Account Titles and Explanation Debit Credit Aug. 1 Cash 59,400      Common Stock 59,400         (Investment of cash for stock) 10 Cash 26,730      Service Revenue 26,730         (Received cash for services performed) 12 Equipment 49,500      Cash 7,920      Notes Payable 41,580         (Purchased office equipment for cash and notes payable) 25 Account Receivable 15,840      Service Revenue 15,840         (Billed clients for services performed) 31 Cash 8,712      Accounts Receivable 8,712         (Receipt of cash on account)

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Answer 1

Answer:

Cash
Date	Particular	Amount	Date	Particular	Amount
1-Aug	Common Stock	59400	12-Aug	Equipment	7920
10-Aug	Service Revenue	26,730
31-Aug	Accounts Receivable	8712	31-Aug	Balance Carry Forward	86922
	Total	94842		Total	94842
1-Sep	Balance Brought Down	86922
Accounts Receivable
Date	Particular	Amount	Date	Particular	Amount
25-Aug	Service Revenue	15840	31-Aug	Cash	8712
			31-Aug	Balance Carry Forward	7128
	Total	15840		Total	15840
1-Sep	Balance Brought Down	7128
Equipment
Date	Particular	Amount	Date	Particular	Amount
12-Aug	Cash	7920
12-Aug	Notes Payable	41580	31-Aug	Balance Carry Forward	49500
	Total	49500		Total	49500
1-Sep	Balance Brought Down	49500
Notes Payable
Date	Particular	Amount	Date	Particular	Amount
			12-Aug	Equipment	41580
31-Aug	Balance Carry Forward	41580
	Total	41580		Total	41580
			1-Sep	Balance Brought Down	41580
Common Stock
Date	Particular	Amount	Date	Particular	Amount
			1-Aug	Cash	59400
31-Aug	Balance Carry Forward	59400
	Total	59400		Total	59400
			1-Sep	Balance Brought Down	59400
Service Revenue
Date	Particular	Amount	Date	Particular	Amount
			10-Aug	Cash	26,730
31-Aug	Balance Carry Forward	42570	25-Aug	Accounts Receivable	15840
	Total	42570		Total	42,570
			1-Sep	Balance Brought Down	42570