1. record the two transaction for bill law firm. include an, Ask an Expert

Accounting

Bill's law firm perfomed legal services for a client who could not pay immediately. The business expect to collect $11000 the following month. Later the business received $6600 cash from client.

1. Record the two transaction for Bill Law firm. include an explanation for each transaction.

2. Opent these T-accounts: cash, Accounts receivable, service revenue. Post to all three account. compute each T-account balance and denot as Bal.

3. Answer these problem based on your analysis:

a. How much did the business earn? which amount shows this amount?

b. How much in total assets did the business acquire as a result of the two transaction? Identify each asset and show it balance.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M946099

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - dollars for dozers entity dde has a bulldozer it

Question - Dollars for Dozers Entity (DDE) has a bulldozer it acquired 3 years ago. DDE has decided to sell the dozer in its principle market located in Tennessee. DDE has decided that the dozer needs to recondition its ...

Question - prepare bank reconciliation and related

Question - Prepare bank reconciliation and related entries On October 31, 2017, Lisik Company had a cash balance per books of $8,946. The bank statement on that date showed a balance of $10,155. A comparison of the state ...

Question - on january 1 2017 pina corporation purchased 333

Question - On January 1, 2017, Pina Corporation purchased 333 of the $1,000 face value, 9%, 10-year bonds of Walters Inc. The bonds mature on January 1, 2027, and pay interest annually beginning January 1, 2018. Pina pur ...

Assessment - portfolio group cvp and budget reportinvestors

Assessment - Portfolio: Group CVP and Budget Report Investors and creditors frequently use CVP Analysis to screen business plans by evaluating a firm's cost structure and sales volume needed to generate profit. Suppose y ...

Question - hillary clinton is the vice president of finance

Question - Hillary Clinton is the Vice President of Finance for Trump Industries. At a recent finance meeting, Hillary made the following statement: "the managers of a company should use the same information as the share ...

Question - the following items were taken from the

Question - The following items were taken from the financial statements of P. Sheridan Company (all amounts are in thousands) Long-term debit $1,100 Accumulated-depreciation equipment $15,300 Prepaid Insurance 990 Accoun ...

Question - on may 15 2016 the smoky bear company inventory

Question - On May 15, 2016 the Smoky Bear Company inventory storage facility was completely destroyed in a fire. Offsite accounting records reflect the normal gross profit rate is 40% of sales. Sales to the date of the f ...

Question - linda received 90000 in salary income for 2018

Question - Linda received $90,000 in salary income for 2018. She has no dependents. Determine her income tax liability under each of the following independent situations: She files as a single individual. She is married ...

Question - bridgeport company reports the following

Question - Bridgeport Company reports the following financial information before adjustments. Dr. Cr. Accounts Receivable $169,500 Allowance for Doubtful Accounts $2,060 Sales Revenue (all on credit) 841,800 Sales Return ...

Question - personal budgetat the beginning of the school

Question - Personal Budget At the beginning of the school year, Priscilla Wescott decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on Dec ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert