Question

need 19 answer

(continued from the previous question) Which of the following stateme about the journal entries recorded by your company? (select all that apply - i.e. just one or as many as all of them) On 1/1/X1, a contra-asset account is credited As a consequence of the journal entries recorded on 1/1/X1, net assets increase by 82,645 As a consequence of the journal entries recorded on 1/1/X1, net assets increase by 100,000 A contra-asset is credited 12 months after the service was rendered Cash is debited 12 months after the service was rendered

Answer 1

Particulars	Debit $	Credit $
Notes Receivable	$100,000
Service revenue		$ 82,645
Interest		$ 17,355

So the answer to above Questions will be,

For Q 1 - On 01/01/X1 revenue (for service) is credited for (approximately) $82,645.

For Q 2 - As a consequence of journal entries recorded on 01/01/X1, net asset increases by $100,000

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