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CLICK HERE TO ACCESS FULL VERSION Chapter 2 - Analyzing Transactions 5 Cash Accounts Receivable

2,500

6 Owner, Drawing Cash

1,010

7 Telephone Expense Accounts Payable 8 Accounts Payable Cash DIFFICULTY: Moderate Bloom's: Applying LEARNING OBJECTIVES: ACCT.WARD.18.02-02 - 02-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

2,500

1,010 900 900 900 900

222. On December 1, JumpStart provides $2,800 in services to clients. (a) Journalize this event as if the clients had paid cash at the time the services were rendered. (b) Journalize this event as if the clients had placed this on account. (c) Assume that the clients paid $1,200 of the amount on account on December 30. Journalize this transaction. ANSWER: (a) Dec. 1 Cash 2,800 Fees Earned 2,800 (b)

Dec. 1

(c)

Dec. 30

Accounts Receivable Fees Earned Cash Accounts Receivable

2,800 2,800 1,200 1,200

DIFFICULTY:

Moderate Bloom's: Applying LEARNING OBJECTIVES: ACCT.WARD.18.02-02 - 02-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

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