Question

ngenal Accounting, 2e Unread) Practice Brief Exercise 1 Your answer is partially correct. Try again Selected transactions for the Nikolai Company are presented in journal form below. Date Account Titles and Explanation Ref. Debit Credit May 5 Accounts Receivable Service Revenue 5,000 5,000 (Billed for services performed) 12 Cash 1,400 Accounts Receivable 1,400 (Received cash in payment of account) 15 Cash 3,000 Service Revenue 3,000 (Received cash for services performed) Post the transactions to T-accounts. Make one T-account for each item and determine each account's ending balance. (Post entries in the order displ the problem.) Cash 1400 5/5 3000 5/15 4400 Ending Bal

Answer 1

Accounts Receivable Debit $ Date Particulars XXXX To Beginning Balance 05-May To Service Revenue Date Particulars Credit S 12-May By Cash 1,400 5,000 xxxxx By Ending balance 3,600 5,000 5,000 Service Revenue Date Particulars Debit $ Date Particulars Credit S xxxx By Beginning Balance 05-May By Accounts Receivable 5,000 3,000 8,000 XXXXX To Endning balance 8,000 15-May By Cash 8,000 Cash Debit $ Date Particulars XXXX To Beginning Balance 12-May To Accounts Receivable 15-MayTo Service Revenue Date Particulars Credit S 1,400 3,000 XXxxxx By Ending balance 4,400 4,400 4,400