80.2K

Verified Solution

Link Copied!

Rob's Computer Servicing, Inc., a service company that provides installation services for computer programs, had a service revenue transaction in the amount of $400,000 on May 31, 2022, with one customer. This customer chose to put the balance owed on its credit account with Rob's, and paid off the balance owed of $400,000 in full on June 23, 2022 Rob's made the following journal entries to record these transactions (Click the icon to view the journal entries.) Show the accounts for the cash, accounts receivable, and service revenue accounts reflecting the revenus transaction in May and the payment in June, assuming no other transactions have taken place Use the dates as posting references to post each transaction to the relevant accounts, then compute the ending balance of each account. Label the ending balances with End Bal (For accounts with a 50 halance, select "End. Bal" and enter "0" on the normal balance side of the account) Cash Accounts Receivable Service Revenue mes.) s receiva st each tr in the nor Journal entries Account Accounts Receivable Service Revenue Account Cash Accounts Receivable Print Done May 31, 2022 400,000 400,000 June 23, 2022 400,000 400,000 - X ming no other transactions have taken lances with End. Bal. (For accounts will

Answer & Explanation Solved by verified expert

See Answer