On November 10, JumpStart provides $2,170 in services to clients. At the time of service, the clients paid $650 in cash and put the balance on account. Required: (a) Journalize this event.* (b) On November 20, JumpStart’s clients paid an additional $560 on their accounts due. Journalize this event.* (c) Calculate the accounts receivable balance on November 30.
On November 10, JumpStart provides $2,170 in services to clients. At the time of service, the clients paid $650 in cash and put the balance on account. Required: (a) Journalize this event.* (b) On November 20, JumpStart’s clients paid an additional $560 on their accounts due. Journalize this event.* (c) Calculate the accounts receivable balance on November 30.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 7E: The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account...
Related questions
Question
On November 10, JumpStart provides $2,170 in services to clients. At the time of service, the clients paid $650 in cash and put the balance on account.
Required:
(a) | Journalize this event.* |
(b) | On November 20, JumpStart’s clients paid an additional $560 on their accounts due. Journalize this event.* |
(c) | Calculate the |
*Refer to the Chart of Accounts for exact wording of account titles. |
CHART OF ACCOUNTSJumpStartGeneral Ledger
ASSETS | |
11 | Cash |
12 | Accounts Receivable |
13 | Office Supplies |
14 | Prepaid Insurance |
15 | Land |
16 | Office Equipment |
17 | Building |
18 | Truck |
LIABILITIES | |
21 | Notes Payable |
22 | Accounts Payable |
23 | Unearned Revenue |
EQUITY | |
31 | JumpStart, Capital |
32 | JumpStart, Drawing |
REVENUE | |
41 | Fees Earned |
EXPENSES | |
51 | Wages Expense |
53 | Rent Expense |
54 | Utilities Expense |
55 | Maintenance Expense |
59 | Miscellaneous Expense |
(a) On November 10, JumpStart provides $2,170 in services to clients. At the time of service, the clients paid $650 in cash and put the balance on account. Journalize this event. Refer to the Chart of Accounts for exact wording of account titles.
(b) On November 20, JumpStart’s clients paid an additional $560 on their accounts due. Journalize this event. Refer to the Chart of Accounts for exact wording of account titles.
c. Calculate the accounts receivable balance on November 30.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College